Molina Healthcare said Monday it closed its purchase of ConnectiCare.
The deal adds 140,000 Medicare, exchange and commercial enrollees to Molina’s portfolio, Molina said in a news release. It also allows the insurer to expand into Connecticut.
Related: Molina to acquire ConnectiCare for $350M
In July, Molina announced its plan to pay $350 million in cash to acquire ConnectiCare from EmblemHealth, a nonprofit insurer. The deal attracted criticism from local disability and patient advocates that alleged Molina had a poor track record of administering Medicaid and Medicare plans and urged state regulators to reject the deal.
Neither company immediately responded to interview requests.
During the third quarter, Molina’s net income grew 33.1% to $326 million on a 21% increase in revenue, to $10.3 billion. It counted 5.6 million marketplace, Medicaid and Medicare members. The company will report fourth-quarter financial results Thursday.