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(Reuters) — Health insurer Humana Inc. said on Monday that it would sell its Concentra urgent care and physical therapy services unit for about $1 billion to private equity firm Welsh, Carson, Anderson & Stowe and Select Medical Holdings Corp.
Humana, which focuses on providing Medicare Advantage plans to older people, has been reviewing its assets for possible sales, and Wall Street analysts had surmised that Concentra was one of them. Humana said it would use the net proceeds to fund its existing $2 billion share buyback program and other corporate spending.
Humana purchased Concentra in 2010 for $790 million, before current CEO Bruce Broussard took the helm in 2013. In 2010, Concentra had sales of $800 million and was seen as a way to diversify revenue and expand strategically. Humana sold some of its assets in the interim.
Mr. Broussard said in a news release that Concentra “did not ultimately align with Humana's strategy as well as we had originally anticipated” but that the company would continue to invest in other primary care assets.
Shares of Humana were down 0.5% at $181.90 in morning trading, while Select Medical rose 3.3% to $15.11.
Humana expects the sale to the joint venture run by Welsh Carson and Select Medical Holdings to close in the second quarter.
The company reiterated its 2015 earnings forecast of $8.50 to $9 per share. It said the sale would reduce profit slightly this year, excluding any one-time gain.
(Reuters) — Health insurer Humana Inc. is exploring a sale of its urgent care subsidiary Concentra in a deal that could value it at around $1 billion, according to three people familiar with the matter.