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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