National insurer Aetna has an agreement to buy Horizon Behavioral Services, a Lewisville, Texas-based provider of Employee Assistance Programs to many mid-sized and large employers, for $70 million.

Aetna plans to use available cash to finance the transaction, which requires customary approvals, including Hart-Scott-Rodino anti-trust approval and applicable regulatory approvals in California, according to the insurer.

“We believe this acquisition will significantly enhance Aetna’s ability to provide a greater variety of EAP services to our customers and will position Aetna as a key player in the domestic EAP business,” said Louise Murphy, vice president and head of Behavioral Health, in a statement. “Horizon Behavioral Services is a strong addition to Aetna’s EAP business which we believe adds value.”