HealthSpring in deal to acquire Bravo Health
HealthSpring said it entered into a definitive agreement to acquire Bravo Health, a privately held insurer in the Medicare managed-care and prescription drug benefit markets, for $545 million. The deal will expand Nashville-based HealthSpring’s geographic diversification in the Medicare Advantage market, company Chairman and CEO Herb Fritch said in a news release announcing the deal. Bravo Health, Baltimore, finished July with more than 100,000 Medicare Advantage members in the District of Columbia and five states, including Texas, the only state to overlap with publicly traded HealthSpring’s Medicare Advantage operations, according to the release. Bravo also operates Medicare prescription drug benefits in 43 states. The deal is expected to close by the end of December, pending regulatory approval.