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Dive Brief:
Molina is set to acquire Cigna s Medicaid business in the state of Texas for about $60 million in cash.
The two announced Thursday that they signed a definitive agreement that also includes Cigna s dual Medicare-Medicaid plan and other operating assets.
The deal is expected to close in the second half of this year and is subject to federal and state approvals, the companies said in the statement.
Dive Insight:
The deal is set to boost Molina s existing footprint in the state of Texas as the managed care company continues to execute on its strategy of growth through bolt-on acquisitions.