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Universal American to Be Acquired by WellCare
- Client News
- November 17, 2016
Paul, Weiss client Universal American Corp. announced that it will be acquired by WellCare Health Plans, Inc. in an all cash transaction valued at $10.00 per share of common stock. With the retirement of Universal American's preferred shares and its convertible debt, the transaction is valued at approximately $800 million. WellCare, based in Tampa, Florida, provides government-sponsored managed care services. Universal American provides health benefits to people covered by Medicare through its family of healthcare companies.
The Paul, Weiss team included, among others, corporate partners Robert Schumer and John Kennedy; employee benefits partner Lawrence Witdorchic; litigation partner Aidan Synnott; tax partner David Sicular; intellectual property partner Chuck Googe; real estate partner Peter Fisch; antitrust counsel Marta Kelly; and environmental counsel William O'Brien.