Managed care health insurer Amerigroup Corp., Virginia Beach, Va., said Monday that it will pay $10 million to acquire a competing Medicaid health plan in Florida.
Amerigroup has agreed to purchase St. Augustine Medicaid from AvNet Health Plan, a Gainesville, Fla., not-for-profit, marking its first expansion in Florida since entering the state through its Jan. 1 acquisition of Physicians Healthcare Plans.
St. Augustine serves 30,000 enrollees in nine counties in the Miama, Fort Lauderdale, Orlando and Tampa metropolitan areas. Amerigroup already operates Medicaid and State Children's Health Insurance Program plans in eight of the nine counties, the company says,
Amerigroup expects the deal to close during the third quarter.