Humana selling its Concentra unit to joint venture for just under $1.06 billion

Humana Inc. says it will sell its Concentra Inc. unit to MJ Acquisition Corp. for just under $1.06 billion in cash.

The Concentra unit, acquired by Humana in December of 2010, is a provider of occupational health, urgent care and physical therapy services.

MJ Acquisition is a joint venture between hospital operator Select Medical Holdings Corp. and Welsh, Carson, Anderson & Stowe XII, L.P., a private equity fund.

The sale is expected to close during the second quarter.

The health insurer said its 2015 profit outlook remains set at between $8.50 and $9 per share.

Humana is based in Louisville, Kentucky.