The Long Beach, California–based insurer first announced plans to buy NextLevel in January.
Molina Healthcare is not buying NextLevel Health Partners Inc., a Chicago-based Medicaid managed care organization, the company announced Monday afternoon.
According to a filing with the Securities and Exchange Commission, Molina terminated its agreement to purchase NextLevel due to "the seller’s stated unwillingness to close pursuant to the terms of the acquisition agreement."
The Long Beach, California–based insurer first announced plans to buy NextLevel in January, three months after Molina announced plans to acquire YourCare Health Plan, a Buffalo, New York–based health plan.
If the NextLevel deal had closed, Molina would have added around 50,000 members in northern Illinois.
Molina posted mixed earnings at the end of 2019, highlighted by premium revenue declines of more than $1 billion and a net income increase of $30 million.
Jack O'Brien is the finance editor at HealthLeaders, a Simplify Compliance brand.
Photo credit: KIEV, UKRAINE - Dec 18, 2018: Molina Healthcare company logo seen displayed on smartphone - Image / Editorial credit: IgorGolovniov / Shutterstock.com