Humana Announces Intent to Acquire Metcare Health Plans, Inc.
Humana Inc. (NYSE: HUM) today announced it has signed a definitive agreement to purchase Metcare Health Plans, Inc. (“MHP”), a wholly owned subsidiary of Metropolitan Health Networks, Inc. (“Metropolitan”) (AMEX: MDF) – based in West Palm Beach, Florida – for an estimated $14 million. The transaction is subject to regulatory approvals from the Florida Office of Insurance Regulation and the Centers for Medicare and Medicaid Services.
AdvantageCare, the Medicare Advantage health plan offered by MHP, provides Medicare beneficiaries with access to comprehensive health care coverage in Florida. The acquisition is expected to increase Humana’s Medicare Advantage membership by approximately 7,000 members in the following 13 Florida counties: Charlotte, Collier, Glades, Lake, Lee, Manatee, Marion, Martin, Okeechobee, Polk, Sarasota, St. Lucie and Sumter.
- Published: 30 June 2008
- Written by Editor