ConnectiCare
2025
$350M
Why
Add a Connecticut health plan across Marketplace, Medicare and commercial products.
Impact
Added about 140,000 members at closing on February 1, 2025.
Molina Healthcare, Inc.
Managed Care and Health InsuranceFounded 1980- HQ today: Long Beach, California, United States
Reviewed by Swet Parvadiya
Company data updated: October 2026
Acquisitions
Molina Healthcare Acquisitions
4
Major Deals Covered
$1.6B
Disclosed Deal Value
What are Molina Healthcare's biggest acquisitions?
Molina Healthcare's largest disclosed acquisition here is Magellan Complete Care for $820M in 2020. This page covers 4 major deals from 2020 to 2025, each with its price where disclosed and the reason behind it.
- Major deals covered
- 4
- Largest deal
- Magellan Complete Care ($820M)
- First deal
- 2020
- Most recent
- 2025
| Company | Year | Price | Purpose |
|---|---|---|---|
| Magellan Complete Care | 2020 | $820.0M | Add Medicaid and specialty plans for complex and behavioral health populations. |
| Affinity Health Plan | 2021 | $380.0M | Enter the New York Medicaid market. |
| Bright Health California Medicare business | 2024 | Undisclosed | Expand Medicare Advantage in California. |
| ConnectiCare | 2025 | $350.0M | Add a Connecticut health plan across Marketplace, Medicare and commercial products. |
- What companies has Molina Healthcare bought?
- Major acquisitions by Molina Healthcare documented here include Magellan Complete Care (2020), Affinity Health Plan (2021), ConnectiCare (2025) and Bright Health California Medicare business (2024).
- What is Molina Healthcare's most recent acquisition?
- The most recent Molina Healthcare acquisition documented here is ConnectiCare, in 2025, for $350M.
Bright Health California Medicare business
2024
Why
Expand Medicare Advantage in California.
Impact
Added Brand New Day and Central Health Plan Medicare members in California.
Affinity Health Plan
2021
$380M
Why
Enter the New York Medicaid market.
Impact
Gave Molina a sizable Medicaid and Child Health Plus presence in New York City.
Magellan Complete Care
2020
$820M
Why
Add Medicaid and specialty plans for complex and behavioral health populations.
Impact
Added about 200,000 members; the deal closed December 31, 2020 at roughly $820M net of tax benefits.
Molina Healthcare, Inc.'s Growth & Acquisition Strategy
Molina grows through state Medicaid procurements and bolt-on acquisitions of regional health plans. Recent deals include Magellan Complete Care (closed December 31, 2020), Affinity Health Plan in New York (2021), My Choice Wisconsin (2022), Bright Health's California Medicare business (2024) and ConnectiCare in Connecticut ($350M, closed February 1, 2025). In Medicare it is narrowing to dual-eligible products (D-SNP, HIDE and FIDE plans), where Medicaid and Medicare benefits are coordinated in one plan.
How Molina Healthcare, Inc. Makes Money
Molina is a government-program health insurer. States and the federal Centers for Medicare & Medicaid Services pay it a fixed monthly premium per enrolled member (capitation), and Molina pays doctors, hospitals and pharmacies for those members' care. Profit is the gap between premiums and the medical cost ratio (MCR) plus administrative expense. In 2025 premium revenue was $43.1B of $45.4B total revenue, and Medicaid was the largest segment, followed by Medicare (mostly dual-eligible members) and Marketplace. Because rates are set by states and CMS, Molina's earnings depend on whether rate updates keep pace with medical cost trend.
Molina Healthcare Acquisitions FAQ
What major acquisitions has Molina made?
Magellan Complete Care (about $820M net of tax benefits, closed 2020), Affinity Health Plan (about $380M, 2021), My Choice Wisconsin (2022), Bright Health's California Medicare business (2024) and ConnectiCare ($350M, 2025).
What did the ConnectiCare deal add?
About 140,000 Connecticut members across Marketplace, Medicare and commercial products when it closed February 1, 2025.
Why does Molina buy health plans?
Acquisitions add members and state footprints faster than procurements alone, and Molina aims to lower costs by moving acquired plans onto its platform.
How does Molina use acquisitions to expand into new states?
Molina utilizes a programmatic M&A strategy: buying underperforming regional health plans at modest valuation multiples (such as Magellan Complete Care for $850M, Affinity Health Plan for $380M, and My Choice Wisconsin) and quickly migrating them to Molina's centralized claims, pharmacy benefit, and clinical management IT platforms, unlocking substantial cost synergies.
What made the million acquisition of Magellan Complete Care significant?
In December 2020, Molina completed the acquisition of Magellan Complete Care for million. The transaction added over 150,000 members across six states (including Arizona, Florida, and Virginia), immediately expanding Molina's specialized behavioral health capabilities and integrated care for members with complex mental health and physical conditions.
How does Molina integrate acquired health plans onto its technology platform?
Molina uses a standardized post-merger integration playbook: it swiftly migrates acquired plans off disparate legacy software onto Molina's centralized claims engine, rationalizes vendor contracts, and aligns pharmacy formularies, typically realizing tens of millions in administrative overhead synergies within 12 to 18 months.
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