FRANKFORT, Ky. (WTVQ)- The Attorney General’s office has approved the sale of Passport Health Plan in Louisville.
Under state law, the Attorney General must sign off on the $70 million deal since a for-profit company will be taking over a nonprofit.
The deal, announced this spring, would mean Passport would become part of Evolent Health, which is a for-profit company based in Virginia.
In a letter, the Attorney General’s office says it approved the transaction because the $70 million will go to the nonprofits that founded Passport.
The letter also says Evolent Health shows a “commitment” to finishing a health and well-being facility planned for West Louisville and the sale should mean “minimal disruption” to Medicaid coverage for 300,000 low-income people who get health coverage through Passport.