Insurer Aetna completes Horizon Behavioral deal

Managed care company Aetna completes purchase of Horizon Behavioral Services

• On 10:45 am EST, Tuesday November 3, 2009

INDIANAPOLIS (AP) -- Managed care company Aetna Inc. said Tuesday it has completed a $70 million acquisition of employee assistance program provider Horizon Behavioral Services LLC.

Hartford, Conn.-based Aetna, which announced the deal in July, said Horizon will become part of Aetna Behavioral Health. The deal will not have a material impact on fourth-quarter earnings, spokesman Fred Laberge said.

Lewisville, Texas-based Horizon, the third-largest U.S. provider of employee assistance program services, compliments Aetna's existing business in that area, which focuses mostly on large companies.

"This gives us a footprint in the small group area," LaBerge said.

Aetna bought Horizon from Psychiatric Solutions Inc.

Aetna shares fell 26 cents to $26.01 in late Tuesday morning trading.

(This version CORRECTS the spelling of Laberge's name.)