Dynamic Healthcare M&A Database

Acquiring Party	Humana Inc. (NYSE:HUM), a large provider of health insurance products and related services - through traditional and consumer-choice plans - to employer groups, government-sponsored plans, and individuals.
Transferring Party	KMG America Corporation (NYSE:KMA), a group and voluntary insurance benefits and third-party administration company.
Sector	Medical Services
Date	September 7, 2007
Analysis With KMG's marketing and product distribution focus on the consumer, the deal enhances Humana's ability to serve the growing demand for health insurance products geared to individuals. KMG offers life and health insurance products to approximately 1.1m group and individual members nationwide. Humana services approximately 11.3m medical members. Deal value - $187.7m on revenue of $203m (0.9x) and EBITDA of $8.4m (22.3x).
The Walden Group is a leading healthcare investment banking firm specializing in mergers, acquisitions and strategic transactions. It also invests its own funds and, together with its expert operational partners, provides value-added services to help special companies reach critical milestones. This information is copyright © 2004-2007 The Walden Group, Inc. This information is provided as a service to the public but remains the intellectual property of The Walden Group, Inc and may not be reproduced in any manner without the written permission of The Walden Group, Inc. The information contained in the transactions table was derived from publicly available and other sources. Transaction analysis and other information are based, in part, upon public comments, Walden Group research and judgments, and reporting and research of others. The information is not intended to be relied upon as pronouncements by the transaction participants or for any other reason.

Dynamic Healthcare M&A Database - 3Q07