Molina Healthcare to acquire Bright HealthCare's California Medicare business for $510M

MOLINA HEALTHCARE, INC.

Purchase price ~$510M, net of tax benefits; represents 28% of expected 2023 premium revenue of $1.8B.
Acquisition adds ~125,000 members across 23 California counties; 60% overlap with Molina's Medicaid footprint.
Expected to add $1.00 per share to new store embedded earnings, bringing total to $5.50 per share.
Transaction expected to close in Q1 2024, subject to regulatory approvals and other conditions.
CEO Zubretsky cites strategic fit with Medi-Cal contract and D-SNP growth in Los Angeles County.

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