Milbank LLP is representing Molina Healthcare, Inc. (NYSE: MOH) (“Molina”) in connection with its definitive agreement to acquire the majority of assets of Affinity Health Plan (“Affinity”) for approximately $380 million. The transaction is subject to customary closing conditions, including receipt of regulatory approvals, and expected to complete in the second quarter of 2021.
Molina is a Fortune 500 company that provides managed health care services to individuals through government programs such as Medicaid and Medicare as well as state insurance marketplaces. As of June 30, 2020, Molina served 3.6 million members through the use of its locally operated health plans, according to the company.
Affinity is an independent, not-for-profit Medicaid managed care organization that serves members based in six counties in southern New York State. As of August 31, 2020, Affinity served approximately 284,000 Medicaid members, and its premium revenue for 2019 was approximately $1.3 billion, according to the company.
The Milbank deal team was led by Global Corporate partner Scott Golenbock with support from associates Hannah Hwang and Jonathan Schwartz. Advice was also provided by Tax partner Max Goodman; Executive Compensation and Employee Benefits partner Mike Shah and associate Christina Skaliks; Litigation & Arbitration counsel Jane Hanson and Nathaniel Browand; and Intellectual Property associate Sean Hyberg.
