Published on November 3, 2009 at 12:54 AM
Psychiatric Solutions, Inc. (“PSI”) (NASDAQ: PSYS) today announced that it has completed the sale of its employee assistance program (“EAP”) business to Aetna for approximately $70 million in cash. PSI intends to use the net proceeds from the sale to reduce its debt.
“Through this transaction, we have incrementally streamlined our operations and enhanced our focus on our core services of inpatient behavioral health,” said Joey Jacobs, Chairman, President and Chief Executive Officer of PSI. “In applying the net proceeds from the sale to reduce our debt, we have also strengthened our ability to continue implementing our long-term strategies for organic growth and acquisition.”
PSI offers an extensive continuum of behavioral health programs to critically ill children, adolescents and adults and is the largest operator of owned or leased freestanding psychiatric inpatient facilities with over 11,000 beds in 32 states, Puerto Rico and the U.S. Virgin Islands. PSI also manages freestanding psychiatric inpatient facilities for government agencies and psychiatric inpatient units within medical/surgical hospitals owned by others.
Source: Psychiatric Solutions, Inc.
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