Previous Story
TakeCare Health Systems acquisition of PacifiCare Asia Pacific completed
|
Posted on Nov 13 2005
TAMUNING, Guam—With completion of definitive agreements and approvals by regulatory agencies, the sale of PacifiCare Asia Pacific to TakeCare Health Systems, LLP is final, with an effective date of Nov. 1, 2005.
In June, PacifiCare Health Systems parent company of PacifiCare Asia Pacific reached an agreement with TakeCare Health Systems, LLP to acquire PacifiCare Asia Pacific and all of its shares and assets.
“This is a brand new era in health care for our island community and the industry in general,” said Joseph Husslein, president and CEO of TakeCare. “The transfer of ownership to TakeCare allows decisions regarding health policies and services to be made by individuals who live on Guam, and are most familiar with the unique needs of the region’s families and communities,” added Husslein.
TakeCare ensures a smooth transition in insurance benefits and health services. In addition, there will be no disruption to health services agreements and policies for employer groups, members, patients and providers. Under the terms of the sale, TakeCare will retain its more than 300 employees.
The company’s shareholders and managing partners consist of five current senior managers of PacifiCare Asia Pacific: Joseph Husslein, the current president of PacifiCare Asia Pacific, Don Fetherman, Alicia Iseke, Mary Torre, and Augusto Sablan. In addition, Century Insurance Company, a subsidiary of Tan Holdings Corporation, is an equity investor and shareholder.
“Aside from ensuring continuity of benefits and health care for the consumer, this partnership will result in significant advantages for employers, members and the community, by making health care more affordable and accessible,” added Husslein.
The acquisition of PacifiCare Asia Pacific by TakeCare will create Guam’s only locally owned health insurance company, and the island’s first wholly locally owned Consumer Health Organization, committed to making available a broad range of quality, accessible and affordable health care services to the region.
