Psychiatric Solutions selling business unit for $70 million

Psychiatric Solutions Inc. said it has a definitive agreement to sell its employee assistance program business to health insurer Aetna for about $70 million in cash.
The deal should be completed in the fourth quarter and is subject to customary closing conditions including regulatory approval, the Franklin-based provider of behavioral health programs and operator of psychiatric inpatient hospitals said.

The business produced revenues of about $22.6 million for the first six months of this year.

Psychiatric Solutions said it would use proceeds to reduce its debt.

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