Molina Healthcare Closes Acquisition of Cigna’s Texas Medicaid Contracts

Rhea-AI Summary

Molina Healthcare (NYSE: MOH) announced the successful acquisition of Cigna’s Texas Medicaid contracts, which closed on January 1, 2022. This acquisition expands Molina's services by adding approximately 50,000 members from Cigna’s Texas Medicaid business. As of September 30, 2021, Molina served around 4.8 million members. The move is strategically significant for enhancing Molina's presence in the Medicaid sector, ultimately aiming to provide improved healthcare services in Texas.

Positive

• Acquisition of Cigna's Texas Medicaid contracts enhances Molina's market presence.
• Addition of approximately 50,000 members from Cigna strengthens Molina's member base.

Negative

• None.

LONG BEACH, Calif.--(BUSINESS WIRE)-- Molina Healthcare, Inc. (NYSE: MOH) (the “Company”) today announced that its acquisition of Cigna’s Texas Medicaid contracts closed on January 1, 2022. As of November 30, 2021, Cigna’s Texas Medicaid business served approximately 50,000 members.

About Molina Healthcare

Molina Healthcare, Inc., a FORTUNE 500 company, provides managed healthcare services under the Medicaid and Medicare programs and through the state insurance marketplaces. Through its locally operated health plans, Molina Healthcare served approximately 4.8 million members as of September 30, 2021. For more information about Molina Healthcare, please visit molinahealthcare.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220103005256/en/

Investor Contact: Joseph Krocheski, Joseph.Krocheski@molinahealthcare.com, 562-951-8382

Media Contact: Caroline Zubieta, Caroline.Zubieta@molinahealthcare.com, 562-951-1588

Source: Molina Healthcare, Inc.

FAQ

When did Molina Healthcare acquire Cigna’s Texas Medicaid contracts?

Molina Healthcare's acquisition of Cigna’s Texas Medicaid contracts closed on January 1, 2022.

How many members did Cigna's Texas Medicaid business serve?

Cigna's Texas Medicaid business served approximately 50,000 members as of November 30, 2021.

What is the expected impact of the acquisition on Molina Healthcare?

The acquisition is expected to enhance Molina's market presence and member base in Texas.

How many members does Molina Healthcare serve currently?

As of September 30, 2021, Molina Healthcare served approximately 4.8 million members.