Humana, BlackRock Enter Joint Venture to Manage Senior Primary Care Clinics
Kelly Cloonan
Humana and BlackRock are teaming up on a joint venture to manage an existing network of CenterWell Senior Primary Care clinics.
The arrangement replaces CenterWell's existing joint ventures with Welsh, Carson, Anderson & Stowe (WCAS), which currently manage the portfolio of clinics, through BlackRock's acquisition of WCAS's current equity stake, according to a Tuesday filing with the Securities and Exchange Commission.
The new arrangement includes certain modifications to the existing terms of the JV with WCAS.
Under the new agreement, BlackRock doesn't have a put option, meaning it can't force Humana to buy out its share in the venture. The change will result in Humana recording a liability on its balance sheet at fair value, though the company said it expects a reduction in the liabilities on its balance sheet associated with the new arrangement overall compared to the put arrangements for the existing joint ventures.
Additionally, CenterWell will have the option to begin purchasing clinics from the joint venture beginning in 2028. If CenterWell hasn't acquired all of the joint venture's clinics by the end of 2033, BlackRock would be able to exit the JV through a sale process for the remaining clinics in the portfolio.
Humana also backed its guidance of at least $9 in adjusted earnings per common share for the year ending Dec. 31.
Write to Kelly Cloonan at kelly.cloonan@wsj.com
(END) Dow Jones Newswires
October 13, 2026 06:52 ET (10:52 GMT)
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