Humana partners with BlackRock in $2.8B joint venture to run senior primary care clinics

Humana has agreed to a joint venture with investment firm BlackRock that will give the asset manager a majority stake in roughly 150 of the insurer’s senior primary care clinics operated through CenterWell. The deal, valued at about $2.8 billion, replaces the existing partnership with Welsh, Carson, Anderson & Stowe (WCAS) and will see BlackRock buy out WCAS’s equity. CenterWell will remain a minority owner and continue to manage the clinics, ensuring patients see no disruption or decline in care.

The transaction is designed to reduce Humana’s balance‑sheet liabilities by eliminating a put option that required the insurer to repurchase its stake at a set price. With the new structure, CenterWell will have the option to buy clinics from the joint venture beginning in 2028, while BlackRock can exit by selling any remaining locations after 2033. This change is expected to lower Humana’s cost of capital and provide more financial flexibility.

Operational continuity is a priority: CenterWell will keep its current management team and patient‑care protocols. In a statement, CenterWell president Sanjay Shetty said the partnership would “continue to serve patients with our unique model of senior‑focused, value‑based care.” No changes to the delivery of services or quality metrics are anticipated.

The joint venture will focus on deploying capital over the next two years to support existing clinics, open new locations, and pursue acquisitions. Both parties expect the investment to fuel growth of CenterWell’s senior primary‑care network. Humana said the partnership would unlock additional growth capital for the division.

The agreement is slated to close in the fourth quarter of this year, with Humana not expecting it to affect its 2026 earnings guidance. Investors will watch the deal’s fine print for details on protections and financial impact. The third‑quarter earnings report is scheduled for November 6.

Humana’s CenterWell has grown to more than 350 senior‑care locations through its own and a sister brand. The new partnership with BlackRock follows a prior successful collaboration with WCAS, which helped scale CenterWell into a national provider of senior‑focused value‑based care. Humana plans to continue its focus on primary care as part of a broader strategy to diversify revenue.