Humana Inc. (NYSE: HUM) has entered into a joint venture agreement with funds managed by HPS Investment Partners, a part of BlackRock, to manage and operate a network of nearly 150 CenterWell Senior Primary Care clinics, replacing existing joint ventures with Welsh, Carson, Anderson & Stowe (WCAS).

Under the agreement, BlackRock will acquire WCAS's current equity stake, valued at approximately $2.8 billion. The new joint venture will be majority owned by BlackRock and minority owned by CenterWell, with CenterWell continuing to manage operations at all clinics.

Over the next two years, the joint venture is expected to deploy additional capital to fund existing clinical operations, open new clinics, and pursue strategic acquisitions. Beginning in 2028, CenterWell will have the option to purchase clinics from the joint venture. If CenterWell has not acquired all clinics by the end of 2033, BlackRock will have the right to exit through a sale process, subject to CenterWell's right of first offer on remaining clinics.

Humana said the transaction eliminates put arrangements tied to the existing joint ventures, which the company expects will significantly reduce liabilities on its balance sheet and lower its cost of capital.

"We look forward to this new venture with BlackRock as our partner, while our growing network of CenterWell clinics remains dedicated to serving patients with our unique model of senior-focused, value-based care," said Dr. Sanjay Shetty, President of CenterWell.

The deal is not expected to have a material impact on Humana's 2026 adjusted earnings guidance. It marks Humana's second transaction with BlackRock this year, following a previously announced agreement to divest its minority interest in Gentiva to a consortium that includes BlackRock.

The transaction is expected to close in the fourth quarter of 2026, subject to customary closing conditions and regulatory approvals. Guggenheim Securities and Goldman Sachs served as financial advisors to Humana.