Milbank LLP advised Molina Healthcare, Inc. in its acquisition of all the assets of MyChoice Wisconsin. The purchase price for the transaction is approximately $150 million, net of expected tax benefits and required regulatory capital.
MyChoice Wisconsin is a Medicaid managed care organization serving members across Wisconsin. It has a 22-year history of serving managed long-term services and supports (MLTSS) populations, with a deep commitment to the communities it serves. As of May 2022, MCW served over 44,000 MLTSS and core Medicaid members throughout Wisconsin, delivering approximately $1 billion in premium revenue for the 12 months ending March 31, 2022.
The transaction represents a strong strategic fit with Molina’s portfolio of core Medicaid, high-acuity, and duals businesses and brings additional scale to Molina’s growing MLTSS franchise and existing Wisconsin core Medicaid business. The transaction is subject to receipt of applicable federal and state regulatory approvals, and satisfaction of other customary closing conditions. It is expected to close in 2022.
The Milbank LLP deal team was led by Global Corporate Group partner Scott Golenbock, along with associates Jonathan Schwartz, Christina Welch and Mary Margaret Meehan.
The team also included Litigation and Intellectual Property special counsel Nathaniel Browand, Tax partner Max Goodman and associate Archan Hazra, Antitrust partner Fiona Schaeffer and special counsel Andrew Wellin, Executive Compensation and Employee Benefits partner Joel Krasnow and associate Kelly Bartley and Transportation and Space, Global Risk and National Security and CFIUS associate Sean Heiden.
