Humana to acquire Concentra

Insurer Humana has signed a definitive agreement to buy occupational medicine and wellness company Concentra for $790 million.

Privately held Concentra, based in Addison, Texas, has annual revenue of about $800 million, according to a news release from Louisville, Ky.-based Humana announcing the deal. Nearly 3 million Humana members live near a location where Concentra provides service through affiliated clinicians, according to the insurer. In addition to offering occupational medicine and wellness services, the company also provides urgent care and physical therapy at 300 medical centers and also operates in 240 worksites, according to Humana.

Michael McCallister, Humana's chairman and CEO, said in the release that the deal would diversify Humana's revenue and could allow for longer-term strategic expansion. The cash deal is expected to close in December, pending regulatory approvals.