A senior products company reports that it has received all of the approvals it needs to complete a previously announced acquisition of a pharmacy benefits manager.
Universal American Financial Corp., Rye Brook, N.Y., says all regulators, parties to the acquisition and sources of financing have signed off on its effort to acquire MemberHealth Inc., Cleveland.
The financing sources have “placed the acquisition consideration and other closing documentation into escrow,” Universal American says.
In addition to offering ordinary PBM services, MemberHealth runs Medicare Part D prescription drug plans.
Universal American announced plans in May to buy MemberHealth for $630 million in cash and stock along with up to $150 million in performance-based payments.
Class-action lawyers made an effort to block the acquisition this summer.
Universal American now expects to complete the MemberHealth deal in mid-October, Universal American says.