Health Net Agrees To Acquire Universal Care’s Health Plan Assets
Woodland Hills-based Health Net on Thursday agreed to acquire the health plan assets of Universal Care, the Sacramento Bee reports. The terms of the agreement were not disclosed.
Under the deal, Health Net will add about 75,000 new members from seven Southern California counties (Chan, Sacramento Bee, 1/6). In addition, the acquisition will add about 20,000 Medi-Cal and Healthy Families beneficiaries and about 5,000 Medicare Advantage beneficiaries to Health Net's membership (Wall Street Journal, 1/6). Health Net has about 2.3 million members statewide.
Universal Care, which is based in Long Beach, will maintain operation of its medical, dental and vision clinics in Southern California (Sacramento Bee, 1/6).
The deal is expected to close in the first half of this fiscal year (Wall Street Journal, 1/6).