Printer Friendly
The Free Library
23,421,980 articles and books


HUMANA COMPLETES ACQUISITION OF GROUP HEALTH ASSOCIATION

 LOUISVILLE, Ky., March 2 /PRNewswire/ -- Humana Inc. (NYSE: HUM) completed the acquisition of Group Health Association (GHA), a member- owned health maintenance organization (HMO) located in Washington, D.C.
 Today's announcement marks the successful completion of a transaction announced last July when Humana and GHA signed a letter of intent. Closure of the acquisition, which is effective today, was preceded by a GHA member vote approving the sale to Humana, certain regulatory approvals and successful negotiations with health care providers and employee groups.
 "Humana is pleased to announce the acquisition of the second oldest health maintenance organization in the country," said Humana's president and chief operating officer, Wayne T. Smith. "GHA has a long history of service to the people in the Washington, D.C. area. We are proud of the quality of care that Humana provides, and we believe that Humana's financial resources and management expertise will continue and enhance the GHA tradition."
 GHA, founded in 1937, is a staff model HMO that provides comprehensive medical coverage to approximately 125,000 members in the metropolitan Washington, D.C. area. GHA, which was purchased for approximately $55 million, has annual premium revenues of about $250 million.
 Humana, headquartered in Louisville, Kentucky, provides managed care health plan services to over 1.6 million members primarily through the operation of health maintenance organizations and preferred provider organizations. Humana is the largest publicly-traded HMO company in the nation based on current revenues. The company operates health plans in 17 markets within 11 states, primarily in the Midwest and Southeast.
 -0- 3/2/94
 /CONTACT: Laurie G. Scarborough, Investor Relations, 502-580-1037, or Greg Donaldson, Public Affairs, 502-580-3683, both of Humana/
 (HUM)


CO: Humana Inc.; Group Health Association ST: Kentucky, District of Columbia IN: HEA SU: TNM

CM -- CH014 -- 6898 03/02/94 17:39 EST
COPYRIGHT 1994 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1994 Gale, Cengage Learning. All rights reserved.

 Reader Opinion

Title:

Comment:



 

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 2, 1994
Words:301
Previous Article:AMERICAN STUDIOS, INC. ANNOUNCES QUARTERLY DIVIDEND
Next Article:BANCFIRST OHIO CORP. DIVIDEND
Topics:

Terms of use | Copyright © 2014 Farlex, Inc. | Feedback | For webmasters