Never miss a story — sign up for PLANSPONSOR newsletters to keep up on the latest retirement plan benefits news.
Products August 4, 2009
Aetna Picks up EAP Provider
August 4, 2009 (PLANSPONSOR.com) - Aetna has entered
into an agreement to acquire Horizon Behavioral Services,
LLC, a provider of Employee Assistance Programs to mid-sized
and large employers.
Reported by Nevin E. Adams
Horizon’s clients include publicly and privately held companies, including Fortune 500 companies, government agencies, and various not ? for ? profit entities such as hospital systems.
Aetna will acquire the Lewisville, Texas-based firm from its parent company, Psychiatric Solutions, Inc., the nation’s largest operator of owned or leased freestanding psychiatric inpatient facilities, according to the press release.
The purchase price is approximately $70 million, and Aetna expects to finance the transaction from available cash. The transaction is subject to customary closing conditions, including Hart-Scott-Rodino anti-trust approval and applicable regulatory approvals in California.
Horizon Services
The announcement says that Horizon Behavioral Services is the third-largest domestic provider of EAP services by membership with approximately 1,400 contracted employer clients representing over 5 million covered employees in all 50 states and countries around the globe. The company provides:
- 24/7 confidential telephonic consultation,
- online employee assistance program and work/life resources
- access to a referral network of more than 14,000 licensed clinicians.
“We believe this acquisition will significantly enhance Aetna’s ability to provide a greater variety of EAP services to our customers and will position Aetna as a key player in the domestic EAP business,” said Louise Murphy, vice president and head of Behavioral Health. “Horizon Behavioral Services is a strong addition to Aetna’s EAP business which we believe adds value and provides customers with another reason to select Aetna.”