Magellan Health Inc. announced that it has agreed to acquire Armed Forces Services Corporation (AFSC), a provider of behavioral health and specialty services to the Federal government including the US military. Based in Arlington, Virginia, AFSC has approximately 1,800 employees and generated 2015 revenues of $135 million with segment profit of $16.5 million.
The initial purchase price is $117.5 million with an additional $10 million paid for retention of certain core assets of the business. The deal is expected to close by the third quarter of 2016.
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