LONG BEACH, Calif.--(BUSINESS WIRE)--Molina Healthcare, Inc. (NYSE: MOH) today announced that it has entered into a definitive agreement to acquire certain assets of YourCare Health Plan, Inc., a not-for-profit subsidiary of Monroe Plan for Medical Care. As a part of the transaction, Molina will assume the right to serve approximately 46,000 Medicaid members in seven counties in the Western New York and Finger Lakes regions. Monroe and its affiliate MP CareSolutions will continue to provide certain management and administrative services related to member care and provider relations.

The purchase price of approximately $40 million will be funded through Molina’s available cash. Subject to the receipt of regulatory approvals and the satisfaction of other customary conditions, the closing of the transaction is expected to occur in early 2020. YourCare’s estimated premium revenue for the full year 2019 is approximately $285 million.

“We look forward to providing high-quality care to YourCare members in close partnership with the New York Department of Health and the provider community in the Western New York and Finger Lakes regions,” said Colleen Schmidt, president of Molina Healthcare of New York. “Molina is excited to partner with Monroe and MP CareSolutions on select services to facilitate access to quality health care and ensure a seamless transition for members and providers. This agreement represents an exciting opportunity to build upon our existing operations in New York and expand into new service areas.”

About Molina Healthcare

Molina Healthcare, Inc., a FORTUNE 500 company, provides managed health care services under the Medicaid and Medicare programs and through the state insurance marketplaces. Through its locally operated health plans, Molina Healthcare served approximately 3.4 million members as of June 30, 2019. For more information about Molina Healthcare, please visit molinahealthcare.com.