Milbank LLP represented Molina Healthcare, Inc. (“Molina”) in its definitive agreement to acquire the California Medicare Advantage business, Brand New Day, and Central Health Plan for a total purchase consideration of $600 million from Bright Health Group, Inc. The transaction is subject to regulatory approval and other closing conditions. The closing of the transaction is expected to occur by early 2024 and is not subject to a financing condition.
Molina is a Fortune 500 company that provides managed health care services under the Medicaid and Medicare programs and through the state insurance marketplace. Molina serves approximately 5.1 million members through locally operated health plans.
The Milbank team was led by Global Corporate partner Scott Golenbock with associates Jonathan Schwartz, Alan Wen and Bobby Sommers. The team also included Capital Markets partners Brett Nadritch and Antonio Diaz-Albertini; Executive Compensation partner Mike Shah and special counsel Kelly Bartley; Antitrust partner Fiona Schaeffer, special counsel Andrew Wellin and associate Alix Hudon; Tax partner Max Goodman and associate Michael Rivkin; Intellectual Property partner Nathaniel T. Browand and associate Marina Markarian; and Technology partner Nicholas Smith.
