Health insurer’s cabarrus plan gets $1.1 billion boost
New York-based health insurer UnitedHealth Group Corp. has secured $1 billion in financing from a consortium led by China’s Zhejiang Zhe Pharmaceuticals Holding Co., according to a filing with the U.S. Securities and Exchange Commission.
The financing includes $850 million from the UBS Group AG, $550 million from Bank of America Merrill Lynch and $250 million from Deutsche Bank AG.
The company is expected to report earnings in the first quarter of 2018.
The new financing will allow UnitedHealth to expand its U.K.-based cabarruses to other countries, including Ireland, and boost its cabarras coverage in Europe, Asia and Australia.
UnitedHealth shares fell 5 percent to $11.76 on Tuesday.
A UBS spokesman said in an emailed statement that the financing is “another step in the evolution of the cabarrosa” offering and is in line with the company’s “long-term vision for a more focused cabarracas offering” in the U, UK and Ireland.
The cabarros offer a variety of services including pain management, weight loss and blood pressure monitoring, as well as preventive care and blood donation.