BlackRock replaces WCAS in joint venture with Humana for senior clinics
HUM•BlackRock will replace Welsh, Carson, Anderson & Stowe as Humana’s partner in a joint venture that owns nearly 150 senior primary care clinics, in a deal valued at about $2.8 billion. Humana expects no material impact on its 2026 adjusted earnings guidance.
1. New ownership structure
BlackRock will acquire the majority ownership stake previously held by Welsh, Carson, Anderson & Stowe in the joint venture. Humana’s CenterWell division will retain a minority stake and continue to manage and operate all clinics.
2. Options and timing
Humana said the arrangement will provide growth capital, lower its cost of capital and significantly reduce liabilities on its balance sheet. Starting in 2028, CenterWell can purchase clinics from the venture. If it has not acquired all clinics by the end of 2033, BlackRock can exit through a sale process, with CenterWell entitled to make the first offer.
3. Closing expected in 2026
The transaction is expected to close in the fourth quarter of 2026, subject to regulatory approvals. Evercore ISI analyst Elizabeth Anderson said the $2.8 billion represents the value of WCAS’s stake, not announced proceeds to Humana, and that the transition gives Humana more time to develop the clinics and delay exercising its option.
