Aetna announced today that it has entered into an agreement to acquire Salt Lake City-based Medicity, a health information exchange technology company for approximately $500 million. Financing for the deal is expected to come from Aetna's available resources. The transaction is subject to customary closing conditions, including Hart-Scott-Rodino antitrust regulatory approval, and is projected to be neutral to Aetna’s financial results in 2011. Medicity will operate as a separate business within Aetna, under its existing leadership structure, the insurer says.
“This acquisition will enable Aetna to offer a set of convenient, easy-to-access technology solutions for physicians, hospitals and other health care providers. That, in turn, can help improve the quality and efficiency of patient care,” says Mark Bertolini, Aetna CEO and president. “Strategically, we believe this acquisition will enhance Aetna’s capabilities and accelerate our growth in the health information technology and health information exchange space.”
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