Molina Healthcare entered into a definitive agreement to acquire a managed care unit within Magellan Health, the companies said April 30.
Under the acquisition, Molina will acquire Magellan Complete Care for $820 million. The deal will bring Magellan's managed care operations across six states under the Molina umbrella. Magellan Complete Care serves 155,000 members and saw revenues of $2.7 billion in 2019.
The addition of Magellan Complete Care will grow Molina's membership in government-sponsored health plans to more than 3.6 million across 18 states.