Minnesota-based UnitedHealth Group completed its $9.2 billion buy of Cypress-based PacifiCare Health Systems Inc. The deal, the largest yet for Orange County, wrapped up earlier than expected.
Originally, the companies saw the deal wrapping up early next year, after regulatory hurdles were cleared.
Earlier this month, state Insurance Commissioner John Garamendi cleared the way by giving conditional approval of the deal.
Under a pact with Garamendi, UnitedHealth must target some $255 million in investments and charitable donations to poor areas.
Garamendi also said that PacifiCare and UnitedHealth must not pass on the costs of the acquisition to health plan subscribers. They must pledge to continue providing plans and service to current customers.
UnitedHealth said it planned to buy PacifiCare back in July. The deal easily is the largest for OC this year and is the biggest acquisition yet of a local company.
