Psychiatric Solutions Finalizes Sale of EAP Business to Aetna

Psychiatric Solutions, Inc. has announced that it has completed the sale of its employee assistance program ("EAP") business to Aetna for approximately $70 million in cash.

PSI said that it 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 a continuum of behavioral health programs to critically ill children, adolescents and adults and is an 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.

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