Sullivan & Cromwell is representing longtime client UnitedHealth Group on its purchase of Medicare specialist XLHealth from private equity firm MatlinPatterson Global Advisers.
XLHealth provides supplemental insurance to Medicare patients with chronic illnesses and other special needs. While terms of the all-cash deal were not disclosed, Bloomberg reports that other bidders, such as insurance rivals WellPoint and Aetna, had offered between $1.5 billion and $2 billion for Baltimore-based XLHealth.
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