Louisville, Ky.-based health insurer Humana is selling Concentra, its occupational health and physical therapy services arm, for $1.06 billion, according to a Bloomberg report
A joint venture by Mechanicsburg, Pa.-based Select Medical Holdings Corp. is acquiring Concentra. SMH operates hospitals and the private equity firm Welsh, Carson, Anderson & Stowe, according to the report.
Humana is selling Concentra less than five years after buying the business from Welsh Carson for approximately $800 million.
"Concentra's operations did not ultimately align with Humana's strategy as well as we had originally anticipated," Bruce Broussard, CEO of Humana, said in a statement, according to the report.
The Concentra unit offers primary care, physical therapy and wellness services at about 300 clinics across the nation.
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