Bravo Health to be acquired

HealthSpring Inc. said today that it would acquire Bravo Health Inc., a privately held operator of Medicare Advantage coordinated-care plans in Pennsylvania, the mid-Atlantic region and Texas, as well as Medicare Part D prescription drug plans in 43 states.

HealthSpring, a publicly held company based in Nashville, said the $545 million deal would extend the Nashville based company's reach into Pennsylvania as well as other markets around the country. The deal is expected to close by the end of the year.

For the first six months of 2010, Bravo Health had about $832.8 million in premium revenue, HealthSpring said.

HealthSpring shares were up 8.2 percent ($1.50) to $19.89 early this afternoon.    - Chris Mondics