AETNA TO ACQUIRE GOODHEALTH WORLDWIDE
-- Acquisition broadens Aetna Global Benefits' expatriate offerings; Expands global capabilities and international presence --
HARTFORD, Conn., September 4, 2007 ― Aetna (NYSE: AET) today announced that it has entered into an agreement to acquire Goodhealth Worldwide, a leading managing general underwriter (or underwriting agent) for international private medical insurance that offers expatriate benefits to individuals, small and medium enterprises, and large multinational clients around the world.
Terms of the acquisition were not disclosed. Aetna expects to finance the transaction from available cash. Goodhealth Worldwide will be a unit of Aetna Global Benefits, the company's international business for expatriates.
Ronald A. Williams, Aetna chairman and CEO-- "We believe this acquisition broadens Aetna Global Benefits' expatriate offerings and significantly enhances its global capabilities and reach, which fits well with Aetna's stated strategy of making acquisitions designed to enhance the company's capabilities and expand into new markets."
Martha R. Temple, president of Aetna Global Benefits (AGB)-- "The transaction aligns with Aetna Global Benefits' overall strategy to grow the non-U.S. expatriate market, meeting the needs of multinational plan sponsors, insurers, local governments and individuals around the world. Goodhealth's products are complementary to AGB's offerings, allowing us to serve new markets and also to expand our offerings to current Aetna Global Benefits customers, which include U.S.-based multinational corporations with global operations."
Temple added-- "Goodhealth has gained considerable brand recognition among the individual and small employer segments worldwide as well as making headway with some prestigious larger global accounts. Aetna Global Benefits intends to leverage this brand presence to strengthen Goodhealth's offerings to large corporations in existing and new markets."
Martin Garcia, group managing director of Goodhealth Worldwide -- "We see AGB's acquisition of Goodhealth as a defining moment for us. Our respective business models, product structure, market presence, high-quality service delivery and corporate cultures complement each other very well. We look forward to being part of the Aetna Global Benefits family as it seeks to expand internationally."