PacificSource Charitable Foundation Inc., which does business as PacificSource Health Plans, hopes to acquire Clear One Health Plans Inc. for $46 million in cash.
PacificSource, Eugene, Ore., is a health care organization founded in 1933 that provides medical and dental coverage for about 181,000 people in Oregon and Idaho.
Clear One, Bend, Ore., is a 14-year-old regional carrier that recently completed a large merger and a name change. The company sells individual and group commercial coverage along with Medicare Advantage plans.
The boards of PacificSource and Clear One have approved the proposed deal unanimously, but the companies still need approval from state regulators, federal regulators and Clear One shareholders.
The deal would "give us a stronger presence in central Oregon, help us expand into Medicare and Medicaid markets, and allow us to more effectively collaborate with health care providers to improve quality of care," says PacificSource President Ken Provencher.
PacificSource and Clear One already have the financial resources they need to complete the deal, the companies say.
The companies hope to complete the deal by March 31.
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