Molina Healthcare Inc. late Monday said it plans to enter Wisconsin’s Medicaid market with the acquisition of Abri Health Plan for $16 million.

The Long Beach managed care provider said Abri, based in suburban Milwaukee, serves Medicaid beneficiaries in 23 counties. Later this year it is set to begin providing services in some of those counties to enrollees who are covered by the state’s BadgerCare Plus for residents whose income isn’t quite low enough to qualify for federal programs.

Molina, which now serves about 1.5 million members in nine states, said it will use available cash and borrowings under its credit facility for the acquisition, and expects the deal to close by Aug. 31.

“Once this transaction closes, our company will provide health plan services in 10 Medicaid markets throughout the country, we will be further diversified, and our Wisconsin health plan will have significant potential for future growth,” Chief Executive J. Mario Molina said in a statement.

Before the announcement, shares closed down 72 cents, or 2.6 percent, to $27.55 on the New York Stock Exchange.