Molina Healthcare To Acquire EmblemHealth Unit ConnectiCare   

Molina Healthcare entered an agreement with insurer EmblemHealth to acquire its subsidiary ConnectiCare. The purchase price was $350 million, which represents 25% of ConnectiCare’s expected 2024 premium revenue of $1.4 billion. 

ConnectiCare operates in Connecticut. ;It has about 140,000 members including Medicare and the Marketplace, as well as certain commercial insurance products. Molina said the acquisition is a strong strategic fit.;

The purchase is subject to regulatory approval. The companies expect the transaction to close during the first half of 2025. Molina intends to fund the purchase with cash on hand. ;

This was reported . . .