Magellan Sells MENTOR

OPEN MINDS, The Behavioral Health & Social Service Industry Analyst

Industry News

Magellan Health Services, Inc., announced on March 12, 2001 that it has completed the sale of National MENTOR, its human services segment, to an entity formed by the management of MENTOR and Madison Dearborn Partners, a private equity investment firm. Magellan received net proceeds of approximately $100 million at closing and a $10 million interest-bearing promissory note. The company had previously estimated cash proceeds at $92 million.

Magellan officials attributed the difference between the initial estimate . . .