INDIANAPOLIS–(BUSINESS WIRE)–Anthem, Inc. (NYSE:ANTM) today announced that the company has entered into an agreement to acquire HealthSun, one of the fastest-growing integrated Medicare Advantage health plans and healthcare delivery networks in Florida.
“Anthem is committed to identifying opportunities for growth that will enable us to advance our goal of increasing access to healthcare for all consumers, including those who are most vulnerable,” said Joseph R. Swedish, Chairman, President and Chief Executive Officer, Anthem. “The acquisition of HealthSun, which offers a unique integrated care delivery model serving mainly dual-eligible (Medicare and Medicaid) members, fits well with our plans for continued growth in the Medicare Advantage and dual-eligible populations. In addition, the HealthSun acquisition will further the industry leading commitment of Anthem’s affiliated health plans in offering a wide variety of value based care models that benefit our members through high quality care and improved outcomes.”
Founded in 2005, HealthSun has grown rapidly in Florida by offering an integrated Medicare Advantage health plan and healthcare delivery system. HealthSun currently serves approximately 40,000 members through its Medicare Advantage plans in Miami-Dade and Broward counties. HealthSun’s members receive primary care and related services through its integrated network of 19 wholly owned Pasteur and WellMax primary care and specialty centers as well as a complementary network of unaffiliated medical centers, all of which focus on providing the highest quality care. HealthSun was rated by the Centers for Medicare and Medicaid (CMS) as a 4.5 in their Star Ratings for the 2017 and 2018 reimbursement years.
“HealthSun has been recognized for providing superior care coordination and better health outcomes through a network of primary care clinics, pharmacy support, and transportation services; as well as a narrow network of physician specialists and integrated medical cost management,” said Peter D. Haytaian, Executive Vice President, President, Government Business Division, Anthem. “We are excited about the addition of HealthSun as we believe their unique integrated delivery system will be an important asset that drives our continued success in Florida. In addition, this acquisition is consistent with our goal to build industry leading capabilities to serve this country’s most vulnerable citizens. With the addition of HealthSun, Anthem’s affiliated Medicare and Medicaid plans will now serve more than 650,000 members in Florida.”
Anthem is acquiring HealthSun from a consortium of investors led by Summit Partners, a global alternative investment firm. Financial terms of the transaction were not disclosed. The acquisition is expected to close by the end of 2017 and is subject to approvals from state and federal regulatory authorities, standard closing conditions and customary approvals required under the Hart-Scott-Rodino Antitrust Improvements Act. The transaction is expected to be slightly accretive to earnings in 2018.
Anthem’s financial advisor is UBS Investment Bank and its legal advisor is White & Case LLP. Centerview Partners LLC and Credit Suisse are acting as financial advisors for HealthSun, Summit Partners and the investor consortium, with Kirkland & Ellis LLP and Epstein Becker and Green, P.C. acting as legal advisors.
About Anthem, Inc.
Anthem is working to transform health care with trusted and caring solutions. Our health plan companies deliver quality products and services that give their members access to the care they need. With over 74 million people served by its affiliated companies, including more than 40 million within its family of health plans, Anthem is one of the nation’s leading health benefits companies. For more information about Anthem’s family of companies, please visit www.antheminc.com/companies.
About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently investing more than $9.5 billion into growth equity, fixed income and public equity opportunities. Summit invests across growth sectors of the economy and has invested in more than 440 companies in healthcare, technology, and other growth industries. These companies have completed more than 140 public equity offerings, and more than 165 have been acquired through strategic mergers and sales. Summit maintains offices in North America and Europe, and invests in companies around the world. For more information, visit www.summitpartners.com or on Twitter at @SummitPartners.