PacificSource Health Plans to acquire Clear One

PacificSource Health Plans will acquire Clear One Health Plans, the two companies announced

Clear One provides life, disability, dental, vision, and voluntary benefits programs and employee benefit services to self-funded employers, associations, Taft-Hartley Trusts, and Chamber of Commerce plans.

Clear One also offers medical insurance -- including Medicare Advantage plans, commercial plans, individual plans, and administrative services -- to individuals and businesses throughout the West.

PacificSource provides medical and dental benefits, self-funded employee benefit plans, flexible spending accounts, HRAs, and COBRA administration services.

Under the terms of the merger agreement, Clear One's shareholders will receive $26/share in cash upon successful close of the transaction. The price represents a premium of 167% to the closing price on Dec. 29, 2009, of $9.75, according to a PacificSource press release.

The transaction has a total equity value of approximately $46 million. Following the close, Clear One will become a wholly owned subsidiary of PacificSource Health Plans.