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Essence Healthcare to Acquire Medicare Advantage Business of Mutual of Omaha
Thursday 27 February 2020

27 February 2020 - St. Louis, US-based Essence Healthcare has agreed in principle to acquire Mutual of Omaha Medicare Advantage Company (MOMAC) and Medicare Advantage Company of Omaha (MAICO), currently operated by care managed services operator Lumeris, to expand Essence's Medicare Advantage business, the company said.

The transaction is expected to close by mid-2020 after receiving required regulatory approvals. No deal terms were announced.

The Mutual of Omaha subsidiaries own Medicare Advantage businesses in the Cincinnati, San Antonio, Dallas, Denver and El Paso markets.

Mutual of Omaha is a significant long-term investor in Essence Group Holdings. The transaction does not affect Mutual of Omaha's other senior health businesses, including its nationwide Medicare Supplement, Medicare Part D, and senior dental and vision plans.

Essence Healthcare, a sister company of Lumeris, provides comprehensive and affordable health insurance to over 64,000 people with Medicare in Missouri and southern Illinois.

Lumeris helps health systems and providers deliver clinical and financial outcomes.
Date Published: 27/02/2020
Target: Mutual of Omaha Medicare Advantage Company (MOMAC) and Medicare Advantage company of Omaha (MAICO)
Country: USA
Sector: Healthcare
Type: Corporate acquisition
Financing: Cash
Status: Agreed
Vendor: Lumeris
Buyer: Essence Healthcare
Terms of the deal were not disclosed