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WellCare Health Plans to buy Universal American for $600M

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Tampa, Fla.-based WellCare Health Plans will acquire White Planes, N.Y.-based Universal American for $10 per share, or approximately $600 million in total, according to Forbes.

Under the terms of the agreement, WellCare will also assume Universal's about $200 million debt.

"With approximately 114,000 Medicare Advantage members, and nearly 70 percent enrolled in a 4.0 or higher star rating plan, the transaction strengthens WellCare's Medicare Advantage business in two key local markets — New York and Texas — and gives us a Medicare Advantage presence in Maine," said WellCare CEO Ken Burdick said in a statement. "In addition, we intend to leverage their core competency in physician engagement to strategically develop and grow value-based provider relationships."

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