Bright Health to close California Medicare business sale in January

seekingalpha2023-12-29

Bright Health Group (NYSE:BHG) announced Friday that it has secured all necessary regulatory approvals to sell its California Medicare Advantage business. The company added that the transaction is ...

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The company added that the transaction is ...</p>\n\n<a href=\"https://seekingalpha.com/news/4051146-bright-health-to-sell-california-medicare-unit-in-january\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"SG9999014039.USD","symbol_name":"UNITED GLOBAL DURABLE EQUITIES (USDHDG) INC","start_time":0,"source_url":"https://seekingalpha.com/news/4051146-bright-health-to-sell-california-medicare-unit-in-january","article_id":"2395087395","we_media_id":null,"thumbnails":["https://static.seekingalpha.com/cdn/s3/uploads/getty_images/848792436/image_848792436.jpg"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2395087395","pubTimestamp":1703852085,"sourceInfo":{"source_id":"seekingalpha","name":"Seeking Alpha"},"weMediaInfo":null,"summary":"Bright Health Group (NYSE:BHG) announced Friday that it has secured all necessary regulatory approvals to sell its California Medicare Advantage business. 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Concurrently, BHG disclosed an amendment to its credit facility with J.P. Morgan that will cut its final dues for repayment by ~$30M to approximately $298M. That amount, expected to be paid with the closing of the MA business sale, will bring the company’s secured debt to zero, Bright Health (BHG) said.  In June, Molina Healthcare (NYSE:MOH), a Medicaid-focused health insurer, agreed to acquire BHG’s California Medicare Advantage business for a total purchase consideration of $600M in a transaction expected to close by early January.  After debt repayment, Bright Health (BHG) intends to use the remaining proceeds from the MA sale to improve its capital position. With its Q4 2023 financials, the company plans to share its 2024 guidance, which it says will be positive in terms of adjusted EBITDA.    More on Bright Health, Molina Healthcare, etc.  Bright Health Group, Inc. 2023 Q3 - Results - Earnings Call Presentation Bright Health Group, Inc. 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