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Caremark Cuts Deal With Medpartners

MedPartners/Mullikin Inc. said it will acquire Caremark International Inc. in a transaction valued at $2.5 billion, creating the largest U.S. manager of doctors’ groups.

This is the fourth acquisition announced this year by MedPartners, a leader in a business which allows doctors to consolidate practices in sophisticated companies which handle back-office chores and contract negotiations.

Caremark, spun off in 1992 by Baxter International Inc., has expanded, too.

It was hobbled, however, by a federal investigation and $216 million in settlements for alleged kickbacks to doctors for referrals to a home health-care unit since sold.

“This is a very positive move for Caremark shareholders,” said Jack McGowan, a portfolio manager with Clover Capital Management.

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Unapologetic Trump digs in on immigration despite outrage

UPDATED: 8:21 p.m.

An unapologetic President Donald Trump defended his administration’s border-protection policies Monday in the face of rising national outrage over the forced separation of migrant children from their parents. Calling for tough action against illegal immigration, Trump declared the U.S. “will not be a migrant camp” on his watch.