The transaction closed Feb. 1, according to a Feb. 3 news release from Molina Healthcare. The company previously said it would pay $350 million for ConnectiCare.
At the time of the sale, ConnectiCare had around 140,000 members in individual, Medicare and some commercial products, according to the release.
Molina has acquired several other insurers in recent years. In January 2024, the company acquired Bright Health’s Medicare Advantage business for $500 million, adding 109,000 members.
Since 2020, Molina Healthcare has completed eight transactions worth $11 billion in revenue, CEO Joseph Zubretsky said in April. The company expects to complete more acquisitions in the Medicaid space in the next 12 to 18 months, Mr. Zubretsky told investors in July.
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