Davis Polk Reps Aetna In $600M Prodigy Health Buy

Law360, New York (April 28, 2011, 1:57 PM EDT) -- Aetna Inc. said Thursday it would acquire Prodigy Health Group, a third-party administrator of self-funded health care plans, for about $600 million from private equity firm One Equity Partners.

The transaction, expected to close in the second half of the year, is consistent with the insurer's push to diversify the products it offers and find new sources of revenue, according to Mark T. Bertolini, Aetna's president and CEO.

"Prodigy extends Aetna's reach into the third-party administrator business while providing a separate option under the Prodigy brands...
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