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.
For reprint and licensing requests for this article, CLICK HERE.
Stories You May Also Be Interested In
- Molina Healthcare Sells Pathways Health to Atar Capital
- Molina Healthcare Spins Off Medicaid Management Business for $200M
- Molina Spinoffs Part of 2018 Restructuring
- Molina Healthcare to Lay Off 75 Workers in Latest Round
- Molina Health Care Reports $200M in Earnings in Q2
- Long Beach-Based Molina Healthcare to Lay Off Nearly 170 Workers
- Molina to Lay Off Nearly 90 More Workers in Latest Termination Wave
- Molina Buys IT Business