NU Online News Service, July 9, 2003, 4:17 p.m. EDT – Coventry Health Care Inc., Bethesda, Md., has agreed to buy Altius Health Plans Inc., Salt Lake City, for up to $41 million in cash, or about $353 per insured commercial member.
Coventry is a company that provides or administers major medical coverage for 2.9 million people in the mid-Atlantic, Southeastern and Midwestern states.
Altius provides commercial major medical coverage for 116,000 Utah residents and administers coverage for 44,000 members of self-funded employer health plans. The company generates about $235 million in annual premium revenue
Coventry hopes to complete the Altius deal by Sept. 30, and it says it is still shopping for health plans.