UnitedHealth, Mid Atlantic Medical Agree to Merger Deal
UnitedHealth will pay about $860 million in cash plus 38.6 million net shares for Mid Atlantic. Completion of the acquisition, subject to regulatory approvals and approval by Mid Atlantic shareholders, is expected in the first quarter of 2004 , according to a news release.
The combined entity will provide health benefits to more than 3.5 million people in the mid-Atlantic region where Mid Atlantic owns and operates health maintenance organizations and provides related health and administrative services in Maryland, Washington DC, Virginia, Delaware, West Virginia, northern North Carolina and southeastern Pennsylvania. The deal is valued at $2.95 billion.
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