Humana Enters Joint Venture Agreement with BlackRock to Manage CenterWell Senior Primary Care Clinics

Fried Frank is advising Humana on its new joint venture agreement with funds and accounts managed by HPS Investment Partners, a part of BlackRock, to manage and operate an existing network of nearly 150 CenterWell Senior Primary Care clinics that currently sit within joint ventures owned by funds affiliated with WCAS and CenterWell. As part of the transaction, BlackRock will acquire WCAS's current equity ownership, valued at approximately $2.8 billion. The new joint venture, majority owned by BlackRock and minority owned by CenterWell, is expected to support future growth opportunities for CenterWell, while also unlocking additional growth capital and providing greater financial flexibility for Humana. For more on the transaction, which is expected to close in the fourth quarter of 2026, read Humana's press release.

This transaction follows Humana's agreement to divest all, or substantially all, of its minority interest in Gentiva to a consortium of investors, including BlackRock, which Fried Frank also advises Humana on.

M&A and private equity partners Philip Richter and Alison McCormick are leading the Fried Frank team, which includes tax partner Shane C. Hoffmann and M&A and private equity associate Ryan T. Fung.

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