Milbank LLP advised Molina Healthcare, Inc. (NYSE: MOH), a California-based managed care company, in connection with the acquisition of the Medicaid Managed Long Term Care business of AgeWell New York. The transaction is expected to close by the third quarter of 2022.
Molina Healthcare is a managed care company that contracts with state governments and serves as a health plan, providing a wide range of quality health care services to families and individuals who qualify for government-sponsored programs, such as Medicaid and Medicare. AgeWell New York provides long-term care services at home or in the community for those who are chronically ill or disabled in New York City and surrounding areas. AgeWell had a full-year 2020 premium revenue of approximately $700 million.
The acquisition will help leverage Molina’s fixed cost base and contribute to the company’s existing New York-managed long term care services and supports business.
The New York-based Milbank team was led by partners Scott Golenbock (Corporate), Max Goodman (Tax), Joel Krasnow (Executive Compensation and Employee Benefits), and Fiona Schaeffer (Antitrust). The team also included special counsel Nathaniel Browand (Intellectual Property) and associates Alex Wang (Corporate), Jonathan Schwartz (Corporate), Stephen Tomasulo (Corporate), Archan Hazra (Tax), and Kelly Bartley (Executive Compensation and Employee Benefits).
