Bright Health shares are trading higher after the company agreed to sell its California Medicare advantage business, Brand New Day and Central Health plan to Molina Healthcare for $600 million.
Portfolio Pulse from Benzinga Newsdesk
Bright Health has agreed to sell its California Medicare advantage business, Brand New Day and Central Health plan to Molina Healthcare for $600 million. This has resulted in a rise in Bright Health's share prices.
June 30, 2023 | 10:56 am
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POSITIVE IMPACT
Bright Health's shares are trading higher after the company agreed to sell its California Medicare advantage business to Molina Healthcare.
The sale of a significant part of Bright Health's business for a substantial amount is a positive development for the company. This could potentially improve the company's financial position and is likely the reason for the increase in share prices.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Molina Healthcare is set to acquire Bright Health's California Medicare advantage business, Brand New Day and Central Health plan for $600 million.
The acquisition of Bright Health's Medicare advantage business could potentially expand Molina Healthcare's market share and improve its competitive position in the California healthcare market. This is likely to have a positive impact on the company's stock in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80