Long Beach-based Molina Healthcare Inc. announced Oct. 1 it had completed the sale of its Molina Medicaid Solutions to DXC Technology Co. for $231 million.
Molina, a Fortune 500 managed health care services provider for Medicare and Medicaid, had on June 27 announced it would spin off its information technology unit to DXC of Tysons, Va.
The company said it would use the proceeds to focus on its core business, as well as its margin recovery and sustainability plan.
Molina, which served 4.1 million members as of June 30, is on a financial rebound led by Chief Executive Joseph Zubretsky, hired in October 2017.
It reported more than $200 million in second quarter earnings in August after suffering a loss during the same period last year. The boost in earnings follows first-quarter net income of $107 million during a major restructuring of the firm.
Health business reporter Dana Bartholomew can be reached at email@example.com. Follow him on Twitter @_DanaBart.
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