WellCare acquires Blue Shield of California subsidiary for $157M

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San Francisco-based Blue Shield of California affiliate Care1st Health Plan will divest its Arizona subsidiaries to Tampa, Fla.-based WellCare Health Plans for $157.5 million.

Care1st Arizona provides coverage for approximately 114,000 Medicaid and Medicare beneficiaries in Arizona's largest counties, Maricopa and Pima. 

Pending regulatory approval and closing conditions, the acquisition is slated to close by the first quarter of 2017. 

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