Insurer Aetna completes Horizon Behavioral deal

INDIANAPOLIS (AP) — Managed care company Aetna Inc. said Tuesday it has completed a $70 million acquisition of employee assistance program provider Horizon Behavioral Services LLC.

Hartford, Conn.-based Aetna, which announced the deal in July, said Horizon will become part of Aetna Behavioral Health. The deal will not have a material impact on fourth-quarter earnings, spokesman Fred LaBerge said.

Lewisville, Texas-based Horizon, the third-largest U.S. provider of employee assistance program services, compliments Aetna's existing business in that area, which focuses mostly on large companies.

"This gives us a footprint in the small group area," LaBerge said.

Aetna bought Horizon from Psychiatric Solutions Inc.

Aetna shares fell 16 cents to $26.11 in Tuesday morning trading.