Deal to create health care giant
United HealthCare Corp. said yesterday it will buy MetraHealth Cos. for $1.65 billion in cash and stock, creating the largest U.S. managed-care company.
By purchasing privately held MetraHealth, Minnetonka, Minn.-based United HealthCare moves into all 50 states and boosts its ability to compete on the East Coast. After the acquisition, United HealthCare will jump ahead of U.S. Healthcare Inc. as the country's No. 1 health-care provider.
Investor buys USAir preferred
Everest Capital Ltd. and its affiliates have acquired a 9.3 percent stake in a class of preferred stock issued by USAir Group Inc.
The investors paid $14.13 million to acquire 396,100 shares of USAir's Series B cumulative convertible preferred stock, according to a Schedule 13D filed yesterday with the Securities and Exchange Commission.
Everest Capital Fund L.P. and Everest Capital International Ltd. are controlled by Everest Capital Ltd., a money manager based in Bermuda.
Washington REIT to sell shares
Washington Real Estate Investment Trust filed yesterday with the Securities and Exchange Commission to sell 3.5 million shares of beneficial interest.
The Kensington-based real estate investment trust plans to use the proceeds from the securities sale to repay debt and acquire or renovate income-producing properties, according to its S-3 shelf registration statement.
Microsoft balks at U.S. demands
Microsoft Corp., complaining of harassment by federal antitrust lawyers, is fighting the Justice Department's latest demand for information about the company's plan to package software for a new on-line service with its Windows 95 personal computer operating system.
The software industry leader said federal antitrust investigators last week issued an impossible deadline for answers to a request for documents about Microsoft business plans.
In U.S. District Court Friday in New York, Microsoft asked that a government civil investigative demand -- the civilian equivalent of a subpoena -- be set aside.
Comsat in wireless phone deal
Comsat Laboratories and Aydin Corp. announced yesterday that they have agreed to jointly develop a line of products that would create wireless connections to local phone systems where the cost of a wired network is too expensive.
Comsat Labs, the Clarksburg-based research arm of Comsat Corp., will develop the software for the line of products. Aydin, of Horsham, Pa., will supply the hardware.