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Irvine-based Health Net, Inc. announced Sept. 2 that First Health Group agreed to buy the remaining portion of its workers’ compensation service subsidiary.

The transaction, which is expected to close in October, is valued at $80 million.

Pending regulatory approval and certain covenants, conditions and indemnities, Health Net Employers Services and its subsidiaries Health Net Plus Managed Care Services and Health Net CompAmerica will become part of the First Health family.

"First Health has a solid reputation for providing its customers with innovative workers' compensation products and services," said Jay Gellert, president and chief executive officer of Health Net, Inc. "We are confident that First Health can build on our progress with this line of business and offer employers an expanding array of quality products."
   
Health Net Employer Services employs approximately 270 associates and its annual revenue for 2002 was $40 million.
   
Edward L. Wristen, president and chief executive officer of First Health, noted that the acquisition is a natural extension of First Health's services and will expand the company's position in the workers' compensation area.

Health Net began dismantling its Health Net Employers Services group in August 2002 when it spun off its claims administration branch, EOS Claims Services, to Tristar Group.