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Anthem to acquire Puerto Rican companies

Anthem is headquartered in Indianapolis. (photo courtesy of Anthem Inc.)

INDIANAPOLIS (Inside INdiana Business) — Indianapolis-based Anthem Inc. (NYSE: ANTM) is set to acquire the Puerto Rico-based subsidiaries of InnovaCare Health LP. Anthem says financial terms of the deal for MMM Holdings LLC and its Medicare Advantage plan and affiliated companies are not being disclosed.

The insurance provider says MMM is Puerto Rico’s largest MA plan and a rapidly-growing company in the United States. The MMM network includes more than 10,000 healthcare providers and more than a dozen offices across Puerto Rico.

“We are pleased to expand Anthem’s commitment to serve Medicare and Medicaid-eligible individuals and consumers to Puerto Rico,” Gail Boudreaux, chief executive officer of Anthem, said in a news release. “We remain focused on providing services that drive greater value while giving members access to care and services that meet their diverse needs, enhance their experience, and help them lead healthier lives.”

The acquisition is expected to close in the second quarter, though it remains subject to regulatory approvals in both Puerto Rico and the U.S. 

Anthem did not specify whether any jobs would be affected by the deal.