(Bloomberg) — Health insurer Humana Inc. will sell its Concentra clinics unit for $1.06 billion in cash, less than five years after buying the business to expand into occupational health and physical therapy services.

Concentra is being acquired in a joint venture by Select Medical Holdings Corp., which runs hospitals, and the private equity firm Welsh, Carson, Anderson & Stowe, Louisville, Kentucky-based Humana said in a statement Monday. Welsh Carson sold the business to Humana in 2010 for about $800 million.

Concentra had about $1 billion in revenue last year. The unit runs about 300 clinics offering primary care, physical therapy and wellness services in 38 states, as well as about 250 workplace health clinics.

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