Scottsdale managed care giant Magellan Health Inc. has acquired a 70% interest in Phoenix-based Bayless Integrated Healthcare, the company announced on Tuesday.
The acquisition of Bayless, which closed Monday, will allow Magellan (NASDAQ: MGLN) to expand as a provider of integrated primary care and behavioral health across the country, according to the announcement. The financial terms of the agreement weren't immediately available. Justin Bayless will remain CEO of Bayless in the deal. In the remaining 30% interest, Bayless is the majority owner of the health care company his father founded in 1982 along with three other minority shareholders.
According to the announcement, Magellan has the option to buy the remaining equity in Bayless within the next 36 months.
Being acquired by Magellan, Bayless said, will allow the company to replicate what it has already started in Arizona in other markets across the country. He said there are specific markets that the company is looking to expand into, but he couldn’t disclose them yet.