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Cobalt Sells Care Management Unit

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NU Online News Service, April 1, 4:27 p.m. – Cobalt Corp., Milwaukee, says it has sold a subsidiary, Innovative Resources Group, Waukesha, Wis., to a unit of APS Healthcare Inc., Bethesda, Md., for $17 million in cash and $10 million in the form of a three-year note.

Innovative manages behavior health care and other forms of care for 2 million people. It has operations in Arizona, Florida, Michigan and Texas as well as Wisconsin.

APS is a privately owned behavioral health care and disease management company that manages various forms of care for 9 million people.

Cobalt, the holder of the Blue Cross and Blue Shield licenses for Wisconsin, says it sold Innovative because it prefers to focus on its other operations.