Aetna has announced it has agreed to acquire international PMI provider InterGlobal from a group led by its majority shareholder Alchemy Partners.
InterGlobal has more than 65,000 medical members worldwide, and specializes in international PMI for groups and individuals in the Middle East, Asia, Africa and Europe.
The terms of the transaction were not disclosed, but Aetna said it expects to finance the acquisition, which has yet to pass due diligence and any regulatory issues, from available resources. The transaction is expected to be completed in the first half of 2014.
Mark T. Bertolini, Aetna chairman, CEO and president, commented: "The addition of InterGlobal to Aetna's international business will expand our footprint in fast-growing geographies, increase our membership and enhance our international penetration with individual, small and mid-sized business customers."
Aetna also acknowledged that the deal would increase its presence in a marketplace where growth is being driven by the continued globalization of companies, the growing population of high net worth individuals and reform efforts by governments around the world to increase access to health care."
Stephen Hartigan, CEO of InterGlobal, said, "Aetna's position in the United States as a leading diversified health care benefits company is impressive. Their commitment to international development in the health insurance sector is shared by InterGlobal. We are looking forward to becoming part of the Aetna family."
InterGlobal has approximately 300 employees primarily based in its operation centres in the U.K., Dubai and Singapore.
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