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AmeriChoice acquires Great Lakes HMO; More insurer mergers expected.

Publication: Crain's Detroit Business
Publication Date: 08-MAR-04 		Format: Online - approximately 727 words
Delivery: Immediate Online Access
Full Article Title: AmeriChoice acquires Great Lakes HMO; More insurer mergers expected.(News)

Article Excerpt
Byline: Katie Merx

A national insurer has purchased Southfield-based Great Lakes Health Plan Inc. in a deal that could be a harbinger of consolidation among local Medicaid plans.

Vienna, Va.-based Medicaid HMO AmeriChoice closed on the purchase of Great Lakes on Feb. 26, and took control of the state's second-largest Medicaid HMO on Feb. 27. AmeriChoice would not release the terms of the deal.

But information filed with the state indicates that AmeriChoice bought 100 percent of Great Lakes' shares in a deal worth about $27 million. The value of the deal could change, depending on whether Great Lakes' current financial and subscriber status is consistent with what...



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