HARTFORD, Conn.--(BUSINESS WIRE)-- Aetna (NYSE: AET) today announced that it has entered into an agreement to acquire Horizon Behavioral Services, LLC. Headquartered in Lewisville, Texas, Horizon Behavioral Services is a leading provider of Employee Assistance Programs to many mid-sized and large employers.

The purchase price is approximately $70 million. Aetna expects to finance the transaction from available cash. The transaction is subject to customary closing conditions, including Hart-Scott-Rodino anti-trust approval and applicable regulatory approvals in California.

Aetna will acquire Horizon Behavioral Services from its parent company, Psychiatric Solutions, Inc. (NASDAQ: PSYS) the nation's largest operator of owned or leased freestanding psychiatric inpatient facilities. Horizon Behavioral Services is the third-largest domestic provider of EAP services by membership with approximately 1,400 contracted employer clients representing over 5 million covered employees in all 50 states and countries around the globe. The company provides unlimited 24/7 confidential telephonic consultation, comprehensive online employee assistance program and work/life resources and access to a referral network of more than 14,000 licensed clinicians. Horizon's clients include publicly and privately held companies, including Fortune 500 companies, government agencies, and various not-for-profit entities such as hospital systems.


"We believe this acquisition will significantly enhance Aetna's ability to provide a greater variety of EAP services to our customers and will position Aetna as a key player in the domestic EAP business," said Louise Murphy, vice president and head of Behavioral Health. "Horizon Behavioral Services is a strong addition to Aetna's EAP business which we believe adds value and provides customers with another reason to select Aetna."

About Aetna

Aetna is one of the nation's leading diversified health care benefits companies, serving approximately 36.8 million people 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 and disability plans, and medical management capabilities and health care management services for Medicaid plans. Our customers include employer groups, individuals, college students, part-time and hourly workers, health plans, governmental units, government-sponsored plans, labor groups and expatriates. For more information, see www.aetna.com and Aetna's Annual Report at www.aetna.com/2008annualreport.





Aetna Media Contact:

Fred Laberge, 860-273-4788

labergear@Aetna.com

or

Aetna Investor Contact:

Jeffrey A Chaffkin, 860-273-7830

ChaffkinJA@Aetna.com



Source: Aetna