Molina Healthcare Inc. Acquires Connecticare Holding Co. Inc.
(Hector Pertuz - stock.adobe.com)
Long Beach-based Molina Healthcare Inc. agreed to acquire Connecticare Holding Co. Inc. for $350 million on July 23. The transaction will be funded with cash on hand and is subject to regulatory approvals. It is expected to close in early 2025.
“The addition of ConnectiCare to Molina brings a well-rounded government-sponsored healthcare plan and a new state to our portfolio,” said Joe Zubretsky, president and chief executive of Molina in a statement.
ConnectiCare is a leading health plan in the state of Connecticut serving approximately 140,000 members and operates as a wholly owned subsidiary of EmblemHealth Inc. The purchase price represents 25% of the healthcare company’s expected 2024 premium revenue of $1.4 billion.