Aetna Completes Acquisition of Broadspire Disability Business
HARTFORD, Conn., April 3, 2006 — Aetna (NYSE: ?ET) today announced that it has completed its acquisition of the disability and leave management business of Broadspire, a leading provider of disability and casualty claim management services. Aetna announced on February 27 its agreement to acquire Broadspire’s disability business for approximately $160 million. The transaction was financed from available cash. Broadspire also operates a workers’ compensation and casualty administration business, which is not part of this transaction.
"We have received a very positive response from the marketplace on this acquisition," said James K. Foreman, executive vice president and head of Aetna’s National Businesses, which includes Aetna’s disability business. "We believe the full-administration service, technology and absence management capabilities we acquired, when combined with Aetna’s health care and clinical management expertise in disability event management, will allow us to offer our customers enhanced products and services to optimize health and productivity."
Aetna is one of the nation’s leading diversified health care benefits companies, serving approximately 27.9 million unique members with information and resources to help them make better informed decisions about their health care. Aetna offers a broad range of traditional and consumer-directed health insurance products and related services, including medical, pharmacy, dental, behavioral health, group life, long-term care and disability plans, and medical management capabilities. Our customers include employer groups, individuals, college students, part-time and hourly workers, health plans and government-sponsored plans. www.aetna.com
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