UnitedHealthcare, the largest health insurer in the U.S., has reached a deal to acquire Peoples Health, Louisiana’s second-largest Medicare Advantage provider.
Established in 1994, Peoples Health has around 850 employees, 55,000 members, and in 2016, made about $710 million. The company was one of the first in Louisiana to provide Medicare Advantage plans.
The buyout will boost UnitedHealthcare’s sales in Louisiana, a state where it’s currently lacking. UnitedHealthcare is ranked fifth in Fortune’s list of America’s 500 largest companies.