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Humana Announces New Strategic Joint Venture with BlackRock to Manage CenterWell Senior Primary Care Clinics

HUM
  • Humana announced a new joint venture with BlackRock to manage nearly 150 CenterWell Senior Primary Care clinics, replacing existing partnerships with Welsh, Carson, Anderson & Stowe (WCAS).
  • BlackRock will acquire WCAS's equity stake valued at approximately $2.8 billion, resulting in a new venture majority-owned by BlackRock & minority-owned by CenterWell.
  • The transaction is expected to close in the fourth quarter of 2026, subject to regulatory approvals, & will not materially impact Humana's 2026 adjusted earnings guidance.
  • CenterWell will continue to operate all clinics within the joint venture, ensuring uninterrupted care for patients while the venture deploys additional capital over the next two years for operations, new clinics, & strategic acquisitions.
  • Humana anticipates enhanced balance sheet efficiency, greater financial flexibility, & a reduced cost of capital due to the removal of put options from the previous joint ventures.
  • CenterWell retains an option to purchase clinics from the joint venture starting in 2028, with a requirement for BlackRock to exit via a sale process if acquisitions are not completed by the end of 2033.
  • Guggenheim Securities served as lead financial advisor, Goldman Sachs acted as financial advisor, & Fried, Frank, Harris, Shriver & Jacobson LLP provided legal counsel for Humana.