Aetna Inc. has agreed to pay about $390 million in cash for HMS Healthcare Inc.[@@]

Aetna is acquiring HMS, a provider network company that helps supply health care for 1.8 million health plan members, from KRG Capital Partners L.L.C., Denver, a company that uses cash from wealthy individuals and institutional investors to buy other companies.

KRG set up HMS to run managed care company holdings in 2004, when it acquired Sloans Lake Preferred Health Network, a Colorado provider network company. KRG later acquired PPOM L.L.C., a Michigan company that operates provider networks in the Midwest.

HMS directors and shareholders have approved the Aetna deal, and Aetna hopes to complete the deal by Sept. 30, the company says.