FRANKLIN, TN – Pyschiatric Solutions Inc. (Nasdaq:PSYS) says it has agreed to sell its employee assistance program (EAP)to Aetna for about $70 million in cash.

For the first six months of 2009 PSI’s EAP business produced revenue of approximately $22.6 million. PSI intends to use the net proceeds from the sale to reduce its debt.

PSI offers an extensive continuum of behavioral health programs to critically ill children, adolescents and adults and is the largest operator of owned or leased freestanding psychiatric inpatient facilities with over 10,000 beds in 31 states, Puerto Rico and the U.S. Virgin Islands.

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