Aetna has agreed to buy InterGlobal from a group of investors led by majority shareholder Alchemy Partners. No financial terms were disclosed for the transaction, which is expected to close during the first half of 2014. Based in the UK, InterGlobal is a provider of medical insurance for groups and individuals in the Middle East, Asia, Africa and Europe.
HARTFORD, Conn, November 25, 2013 ― Aetna (NYSE: AET) today announced that it has agreed to acquire United Kingdom-based InterGlobal from a group led by its majority shareholder Alchemy Partners. InterGlobal has more than 65,000 medical members worldwide, and specializes in international private medical insurance for groups and individuals in the Middle East, Asia, Africa and Europe.
The terms of the transaction, which are not material to Aetna, were not disclosed. Aetna expects to finance the acquisition from available resources. The transaction is expected to close during the first half of 2014 and be neutral to Aetna’s financial results in 2014.
“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,” said Mark T. Bertolini, Aetna chairman, CEO and president. “This acquisition will increase our presence in the marketplace for international private medical insurance where growth is being driven by dynamics such as the continued globalization of companies of all sizes, the growing population of high net worth individuals in emerging economies and reform efforts by governments around the world to increase access to health care.”
Richard di Benedetto, president of Aetna International, added, “InterGlobal is well-established in the high-growth private medical insurance regions of the Middle East, Asia and Africa through a distribution model that incorporates local strategic partners and its own licenses. These strategic arrangements will allow us to offer our health care solutions locally to customers in about a dozen additional countries in those regions. InterGlobal also shares our commitment to customer focus and service excellence.”
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’s customer base includes individuals and families; employers; diplomatic staff; international schools and affinity groups. The company has approximately 300 employees primarily based in its operation centers in the U.K., Dubai and Singapore. InterGlobal also has a network of more than 3,000 providers, composed largely of outpatient and ancillary providers. InterGlobal has been honored by U.K.’s Cover magazine with the award for “International Private Medical Insurance Provider of the Year” for the past five years.