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Aetna Closes On Horizon

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A health insurer has completed previously announced plans to acquire a major employee assistance program vendor.

Aetna Inc., Hartford, paid about $70 million to buy Horizon Behavioral Services L.L.C., Lewisville, Texas, from Psychiatric Solutions, Inc., Franklin, Tenn.

Horizon now will be part of Aetna Behavioral Health, Aetna says. Horizon is the third largest EAP provider, with 1,400 employer clients and about 5 million program enrollees.

Aetna disclosed plans to acquire the company in July.