Louisville, Ky.-based Humana Inc. has announced a definitive agreement to sell its subsidiary Concentra Inc. to MJ Acquisition Corp., a joint venture between Select Medical Holdings Corp. and Welsh, Carson, Anderson & Stowe XII LP, a private equity fund, for about $1.055 billion in cash.
Humana acquired Concentra in 2010 for $790 million. Concentra operates more than 300 medical facilities in 38 states and has six urgent care and other health facilities in the Milwaukee area.
Select Medical is the parent of Select Medical Hospitals, which operates acute-care facilities in 31 states, including one in Madison.
The transaction should be completed in the second quarter of this year.
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