HealthSpring in deal to ac­quire Bravo Health

Modern Healthcare - - Late News -

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.

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