July 12, 2023
M&A | Tea Leaves
  • Bright Health Group announced that it will sell its final insurance assets to Molina Healthcare for up to $600 million in cash. Bright Health needed to ink a proposed sale agreement for its Medicare Advantage business in California by Friday to avoid bankruptcy after it overdrew its $350 million revolving credit facility earlier this year. The company has extended its agreement with lenders and must raise an undisclosed amount of additional capital to make it through the year, Bright Health wrote in a Securities and Exchange Commission filing submitted Friday. (Articles here and here)