WellPoint Inc., the nation’s second-largest health insurer, will get a bigger chunk of the expanding market of people covered by Medicaid with its $4.46 billion acquisition of a provider of the program for needy and disabled Americans.
WellPoint said that it will spend $92 per share in cash for Amerigroup Corp., which runs Medicaid coverage in 13 states, including Texas, Florida, New York and New Jersey. Medicaid, which is state- and federally funded, represents a growth opportunity for WellPoint and other big U.S. insurers.
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