Aetna Inc. plans to acquire InterGlobal from a group led by its majority shareholder, Alchemy Partners, Aetna officials say.
InterGlobal, based in the United Kingdom, has more than 65,000 medical policy customers worldwide, Aetna said in Monday’s news release. The company specializes in international private medical insurance for groups and individuals in the Middle East, Asia, Africa, and Europe, Aetna said.
Financial details were not disclosed. Aetna expects to finance the acquisition from available resources, the company said.
The transaction is expected to be finalized during the first half of 2014 and have little effect on Aetna’s financial results in 2014, Aetna said.
Acquiring InterGlobal will expand Aetna’s footprint in growing areas, increase Aetna’s overall membership, and enhance its international business with individual, small, and mid-sized customers, Chairman, CEO, and President Mark T. Bertolini said.
Richard di Benedetto, president of Aetna’s international operations, said that InterGlobal is well-established in regions with potential for growth, such as the Middle East, Asia, and Africa.
The acquisition will allow Aetna to offer health-care insurance in about a dozen additional countries in those regions, di Benedetto said.
Aetna in May finalized a $6.9 billion buyout of Coventry Health Care, a Medicare and Medicaid coverage provider.
Aetna has 49,000 employees nationally and about 6,500 in Connecticut, split between Hartford and Windsor. It laid off 16 Connecticut workers this year as part of cuts begun in 2012.
The company bills itself as the country’s third-largest commercial health insurer based on enrollment and revenue. Although health insurance is Aetna’s main business, the company also sells dental, group life, and disability insurance.
Date: December 01, 2013