Magellan Takes Next Step in Divesting Hospital-Based Business

OPEN MINDS, The Behavioral Health & Social Service Industry Analyst Industry News Magellan Health Services, Inc. announced on August 17, 1999, that it has entered into a binding letter agreement, to transfer its remaining hospital-based assets to Charter Behavioral Health Services (CBHS) as part of the company’s strategic plan to exit the hospital provider business and focus on becoming a specialty managed care organization. The agreement letter is with Crescent Real Estate Equities Company, Crescent Operating Inc., and CBHS and includes Magellan’s interest in the hospital-based joint ventures, franchise and call center operations, the Charter name . . .