HealthSpring has completed its acquisition of Bravo Health, an operator of Medicare Advantage and prescription drug plans, for $545 million in cash.
HealthSpring completes Bravo Health acquisition
Nashville-based HealthSpring, a managed-care company, used cash on hand and a combination of amended revolving credit and new term loans to finance the transaction. The company expects the acquisition to immediately add to earnings, according to a news release. Bravo Health, Baltimore, has more than 100,000 Medicare Advantage members in Pennsylvania, Texas and the Mid-Atlantic region, and Medicare Part D drug plans in 43 states.
Additionally, Jeffrey Folick, former chairman and CEO of Bravo Health, has joined HealthSpring's board of directors.
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