Wellpoint Cuts Deal Fo Buy Competitor

WellPoint Health Networks Inc. announced a final agreement Monday to buy competitor Health Systems International Inc., a deal that will create the country’s largest publicly held managed-care corporation.

The buyout, for more than $1.8 billion in stock, would create a company with more than $6 billion in revenues this year and about 4.4 million members.

Health Systems was formed last year when Health Net, a large California health maintenance organization, merged with QualMed, a Colorado-based HMO which has Spokane operations.