Bright Health Group said it entered into a definitive agreement with Molina Healthcare to sell its California Medicare Advantage business, Brand New Day and Central Health Plan, for $600 million. Upon closing, the proceeds of the sale would significantly strengthen Bright Health’s capital position, the company said.
Bright Health intends to use the proceeds to satisfy its obligations to its bank lenders with the remaining proceeds used towards liabilities in its discontinued ACA insurance business. Read more.
