Long Beach, Calif.-based Molina Healthcare is acquiring AgeWell New York's Medicaid managed long-term care business.
The acquisition will cost Molina Healthcare $110 million, according to an Oct. 7 news release. AgeWell will integrate into Molina's Senior Whole Health of New York business.
Bringing AgeWell into its portfolio also adds 13,000 members throughout New York in need of long-term care.
"The addition of AgeWell to Molina's expanding New York footprint is not only complementary to our existing managed long-term services and supports business, but also representative of our strategic growth strategy," said Joe Zubretsky, president and CEO of Molina Healthcare. "Our highest priority is to serve all Molina members with quality care and compassion, and we anticipate a seamless integration."
The transaction is expected to close in the third quarter of 2022.