PacifiCare Approves Deal to Sell FHP Unit
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SANTA ANA — PacifiCare Health Systems Inc. said it has signed a definitive agreement to sell its FHP of Illinois subsidiary to Principal Health Care Inc., a unit of Principal Financial Group.
Terms of the previously announced all-cash sale have not been disclosed. The transaction must be approved by state and federal regulators and the directors of both companies. PacifiCare said it expects the deal to close later this year.
PacifiCare, headquartered in Santa Ana, acquired FHP International earlier this year and has been consolidating operations and selling some units as part of the effort to fit the two nationwide health maintenance organizations together.
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