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CHATTANOOGA, Tenn.--UnumProvident Corp. is selling its workers compensation and medical cost containment services provider subsidiary GENEX Services Inc. to a global private equity firm for an undisclosed sum.
Though terms of the transaction involving Trident IV L.P., a fund managed by Stone Point Capital L.L.C. in Greenwich, Conn., were not disclosed, UnumProvident said it will result in a "small net gain" for the Chattanooga, Tenn.-based disability insurer. The sale is expected to close in the first half of this year.
After the sale has been completed, UnumProvident will continue to partner with GENEX to meet customer needs, according to Joseph Zubretsky, senior executive vp of finance, investments and corporate development for UnumProvident.
"At the same time, this is an opportunity for GENEX to further build its workers compensation business and grow under independent ownership, while we redeploy the capital to our core businesses," Mr. Zubretsky said in a press release announcing the spinoff.
Wayne, Pa.-based GENEX has about 2,000 employees in 120 locations throughout the country. UnumProvident has nearly 12,000 employees and 40 U.S. officesGENEX has more than 1,200 clients, while UnumProvident has about 100,000 employer customers.
Revenues for GENEX in 2005 were $178 million. UnumProvident's 2005 revenue was $10.4 billion.