Managed care company Aetna completes purchase of Horizon Behavioral Services
Insurer Aetna completes Horizon Behavioral deal
Associated Press | Nov 3, 09 9:45 AM CST in
Business
Managed care company Aetna Inc. said Tuesday it has completed a $70 million acquisition of employee assistance program provider Horizon Behavioral Services LLC.
Hartford, Conn.-based Aetna, which announced the deal in July, said Horizon will become part of Aetna Behavioral Health. The deal will not have a material impact on fourth-quarter earnings, spokesman Fred Laberge said.
Lewisville, Texas-based Horizon, the third-largest U.S. provider of employee assistance program services, compliments Aetna's existing business in that area, which focuses mostly on large companies.
"This gives us a footprint in the small group area," LaBerge said.
Aetna bought Horizon from Psychiatric Solutions Inc.
Aetna shares fell 26 cents to $26.01 in late Tuesday morning trading.
(This version CORRECTS the spelling of Laberge's name.)
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