HUM · 10-Q · 2026Q3 · Full report

Primary Care Joint Venture

HUMANA INC · 2026-11-06 · Importance 65 · Surprise 60

In October 2026, Humana entered a joint venture agreement with funds and accounts managed by HPS Investment Partners, part of BlackRock, to operate its primary-care strategic partnership, replacing the CenterWell and WCAS joint ventures. BlackRock acquired WCAS’s equity ownership for approximately $2.8 billion; the revised terms extend the call period to begin in 2028 and remove the put option. The venture has committed capital from BlackRock and CenterWell for the next two years to support existing clinics, new clinics, and strategic acquisitions. Separately, Humana acquired Florida primary-care platform MaxHealth on February 13, 2026, for approximately $908 million net of cash acquired, including preliminary goodwill of $800 million.

Key facts

• Over the next two years, the new joint venture has committed capital available from BlackRock and CenterWell, expected to fund existing clinical operations, establish new clinics, and expand the network through strategic acquisitions. source
• In October 2026, Humana entered into a new primary care joint venture agreement with funds and accounts managed by HPS Investment Partners, part of BlackRock; BlackRock owns a majority interest and CenterWell owns a minority interest. source