Health insurer giant Aetna said Monday it will buy Coventry Health Care for $7.3 billion, including Coventry's debt, a deal that will expand its Medicare and Medicaid business.
The acquisition is projected to add nearly 4 million medical members and 1.5 million Medicare Part D members to Aetna's membership, making the Hartford, Conn.-based company one of the largest providers of government-financed health care.
The deal will also substantially increase Aetna's Medicaid footprint, creating more opportunity to participate in the expansion of Medicaid and to pursue high acuity populations as they move into managed care.
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