Vanguard, the parent of Detroit Medical Center, is looking to buy ProCare for $6 million plus the value of ProCare’s net equity, according to the report. ProCare’s net equity was not available since it is a private company, but by the end of 2011, it reported $7.5 million in revenue and made a profit of roughly $244,000.
The deal has been in the works for two years. According to a filing with the Michigan Office of Financial and Insurance Regulation, Vanguard said it does not want to sell or merge ProCare with another provider, but it wants to expand ProCare to compete with other Medicaid health plans.
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