Health insurer Wellpoint announced it had completed its $4.9 billion acquisition of Amerigroup, a managed care organization based in Virginia Beach, Va.
Amerigroup coordinates care for 2.7 million customers in 12 states who are enrolled in Medicaid or similar state programs. Acquiring the company more than doubles WellPoint’s state sponsored beneficiaries to 4.5 million. WellPoint has about 36 million members in total.
Indianapolis-based WellPoint, one of the largest private insurance companies, initially announced the agreement in July, saying it would pay $92 per share for all of Amerigroup’s outstanding stock.
“The acquisition of Amerigroup expands our scale and further diversifies our business mix by deepening our investment in the high-growth Medicaid marketplace,” WellPoint CFO Wayne DeVeydt said in a July news release. “It also increases our flexibility to serve customers across the economic spectrum.”
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