10:22 AM EDT, 07/23/2024 (MT Newswires) -- Molina Healthcare ( MOH ) said Tuesday it has signed a definitive agreement to acquire EmblemHealth's unit ConnectiCare Holding for $350 million.

The healthcare services provider said it expects the acquisition to add $1 per share to new store embedded earnings and expand its government managed care presence into Connecticut.

Molina said it plans to finance the deal through cash on hand. The transaction is expected to close in H1 of 2025, subject to federal and state regulatory approvals and other closing conditions, the company added.

Shares of Molina fell 1.2% in recent trading.

Price: 286.15, Change: -3.46, Percent Change: -1.19