Physicians Health Plan of Northern Indiana (PHPNI), based in Fort Wayne, has been acquired by Michigan-based Priority Health, which serves over 1.3 million members. The acquisition is expected to provide high-quality, affordable coverage to PHPNI’s customers and members, with a focus on whole-person health and exceptional member experience. Negotiations for the acquisition are currently underway and are expected to close before the end of the year pending required approvals.
Priority Health President Praveen Thadani stated that joining PHPNI will offer additional resources and innovation to their customers and members, benefiting the communities and businesses served. According to a spokesperson, 100% of the net proceeds from the sale will go directly to the PHP Foundation, which is dedicated to building healthier communities by addressing the health and wellness needs of low-income, high-risk individuals in northern Indiana.
Cain Brothers, a division of KeyBanc Capital Markets, is serving as the exclusive financial advisor for this transaction. Faegre Drinker Biddle & Reath LLP is providing legal counsel to PHPNI while Taft Stettinius & Hollister is serving as external legal counsel to Priority Health for the acquisition.
