NeueHealth, formerly known as Bright Health, went private Oct. 2 with the closing of a $1.5 billion deal.
The company was acquired by an affiliate of venture capital firm New Enterprise Associates, according to an Oct. 2 news release. Common shareholders will receive $7.33 per share as part of the sale.
Bright Health Group, founded in 2016, rebranded as NeueHealth — the name of its health services division — in January 2024. The name change came after the company sold its California Medicare Advantage business, its last insurance offering, to Molina Healthcare. It sold the rest of its Bright HealthCare insurance offerings at the end of 2022.
NeueHealth’s executive leadership team will continue in their roles after the acquisition.
“Since our founding, NeueHealth has been committed to aligning the interests of consumers, payers and providers to create a seamless, more coordinated care experience for all,” President and CEO Mike Mikan said in the release. “This transaction marks a significant milestone for our company as it allows us the flexibility and resources to continue to fulfill this mission as we advance our value-driven, consumer-centric care model and drive long-term, sustainable growth into the future.”
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