News Briefs

Molina Healthcare, Inc. said on April 30 that it plans to buy Magellan Health, Inc.’s managed care organization, Magellan Complete Care (MCC), for about $820 million. MCC served approximately 155,000 members across six states as of Dec. 31, 2019, and it reported full-year 2019 revenues greater than $2.7 billion. “Acquiring MCC expands our geographic footprint in our core businesses of managed Medicaid, dual eligibles, and long-term services and supports,” said Joe Zubretsky, president and CEO of Molina. “We believe it will allow us to scale our enterprise-wide platforms and benefit from both operating and fixed cost leverage.” By adding MCC to its portfolio, Molina expects to serve more than 3.6 million members in government-sponsored health care programs in 18 states and will have 2020 pro-forma projected revenues of over $20 billion. The deal, which has not yet been approved by regulators, is expected to close in the first quarter of 2021. Read more at https://bwnews.pr/2xsW71q.

UnitedHealth Group’s Optum division is in advanced talks to acquire the tele-behavioral health provider AbleTo, CNBC reported, citing people familiar with the potential deal. Optum’s venture arm previously made a “significant” strategic investment in AbleTo — a 12-year-old company based in New York — and the company has also raised money from investors including Bain Capital Ventures and Aetna (now owned by CVS Health Corp.). In addition, AbleTo CEO Trip Hofer was a senior executive at Optum from 2006 to 2012. Read the CNBC article at https://cnb.cx/2z0oWCU.

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