Magellan Health Services To Acquire 65% Stake In AlphaCare Of New York

On August 14, 2013, Magellan Health Services Inc. reported the launch of a definitive agreement for Magellan Complete Care to acquire 65% of AlphaCare of New York, a newly licensed Medicaid Managed Long Term Care health maintenance organization (HMO) and Medicare Plan. Magellan’s investment, valued at $25.5 million, includes Magellan’s current seven percent interest in AlphaCare through a previous investment of $2 million in AlphaCare Holdings, LLC. and a loan of $6 million to AlphaCare Holdings. After the agreement closes, AlphaCare’s current leadership will remain with the company and continue in their current positions. Magellan representatives . . .