WellCare Health Plans, Inc., one of the largest public companies and one of the largest employers in Tampa Bay, has signed an agreement that expands its footprint in Arizona’s Medicaid and Medicare markets, according to the Tampa Bay Business Journal.
WellCare plans to buy Care1stArizona from an affiliate of Blue Shield of California for $157.5 million, the newspaper reported.
Care1stArizona includes two managed care companies that provide Medicaid and Medicare benefits to about 114,000 beneficiaries in Maricopa and Pima counties, Arizona’s largest geographic service areas.
WellCare will pay about $157.5 million for Care1stArizona, funding the deal with cash on hand. The deal is expected to close in the first quarter of 2017.