Long Beach-based Molina Healthcare Inc. is acquiring ConnectiCare Holding Co. Inc., a subsidiary of New York-based EmblemHealth Inc., for $350 million.

ConnectiCare is a health plan in Connecticut. It currently serves roughly 140,000 members.

“The addition of ConnectiCare to Molina brings a well-rounded government-sponsored health care plan, and a new state, to our portfolio,” Joe Zubretsky, president and chief executive of Molina, said in a statement. “Today’s announcement demonstrates the continuing success of our strategy of acquiring stable revenue streams, deploying capital efficiently, and delivering value through the application of the standard Molina playbook.”

Molina will use cash on hand for the purchase which is expected to close in the first half of next year.

Molina has been growing. It was founded in 1980 as a single clinic before pivoting to focus on government-sponsored health plans. Last year the company reported $34 billion in revenue, making it one of the largest publicly traded companies in Los Angeles County by revenue.

A big boon for the company came in 2022 when it won the right to cover an additional 600,000 low-income Angelenos through the state’s Medicaid program, roughly doubling its previous total. Molina recently closed on its purchase of Bright HealthCare’s California Medicare business for $425 million.

Molina reported its earnings last week, the day after the ConnectiCare deal announcemt. In the second quarter, premium revenue was up $9.4 billion, or 17% year over year. Adjusted net income, meanwhile, rose 4% year over year.

Howard Fine contributed to this report.