PacifiCare Will Sell FHP Illinois Plan
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CYPRESS — PacifiCare Health Systems Inc. agreed to sell its FHP of Illinois health plan to a Principal Financial Group unit, the companies said. Terms weren’t disclosed.
Cypress-based PacifiCare said it decided to sell the Illinois plan because it had to be allied with a larger company to remain competitive.
The 76,000 members of FHP of Illinois will become members of Principal Health Care. Principal, which will have about 100,000 Illinois members after the acquisition, said it wanted to expand in the state.
The Illinois plan was the last managed-care asset PacifiCare wanted to sell after its $2.1-billion purchase in February of Orange County competitor FHP International Inc.
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