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By Market News Video Staff, Monday, November 22, 1:32 PM ET
Humana (NYSE:HUM) said today it has agreed to buy privately held healthcare company Concentra for $790 million in cash.
Concentra has 300 medical centers in 42 states, offering occupational medicine, urgent care, physical therapy and wellness services.
Humana said nearly 3 million of its members live near a Concentra center, and said the acquisition will reinforce its core business while providing revenue diversification and opportunities for strategic expansion longer term.
Concentra’s annual revenues are about $800 million.
Humana said the transaction is expected to close in December, and will be slighting accretive to earnings in 2011.
Humana shares are trading up 3% Monday.
The stock is 5.05% of the Dynamic Healthcare Services Portfolio (PTJ), preceded by Medco Health Solutions (MHS), at 5.68% of the fund, and Express Scripts (ESRX), at 5.1%.
Cardinal Health (NYSE:CAH) and Cigna (CI) round out the top holdings of the fund, which is trading flat today.
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