HARTFORD, Conn., August 1, 2007 — Aetna (NYSE: ΑET) today announced that it has completed its acquisition of Schaller Anderson, Incorporated, a leading provider of health care management services for Medicaid plans headquartered in Phoenix, Arizona. Aetna announced on May 24 its agreement to acquire Schaller Anderson for approximately $535 million. The transaction was financed from available resources.
"This acquisition positions Aetna as a significant player in the Medicaid market and gives us an additional avenue for profitable growth," said Ronald A. Williams, chairman and CEO. "It furthers our strategy by diversifying our product offerings and improving our local market presence in targeted geographies while strengthening our ability to improve quality and manage medical costs."
Aetna is one of the nation’s leading diversified health care benefits companies, serving approximately 34.9 million people with information and resources to help them make better informed decisions about their health care. Aetna offers a broad range of traditional and consumer-directed health insurance products and related services, including medical, pharmacy, dental, behavioral health, group life, long-term care and disability plans, and medical management capabilities. Our customers include employer groups, individuals, college students, part-time and hourly workers, health plans and government-sponsored plans. www.aetna.com