WellCare Health Plans Inc. has entered into an agreement with Care1st Health Plan to acquire its subsidiaries Care1st Health Plan Arizona Inc. and ONECare by Care1st Health Plan of Arizona Inc., known collectively as Care1st Arizona.

The Arizona managed care companies provide Medicaid and Medicare benefits to more than 100,000 residents of Maricopa and Pima counties.

"Our acquisition of Care1st Arizona provides us with an opportunity to expand our footprint into Arizona's growing Medicaid and Medicare markets," WellCare CEO Ken Burdick said. "Care1st Arizona is a well-regarded, quality health plan that has served government-sponsored programs in Arizona for more than 13 years. Its focus on community-based relationships and integrated delivery of medical care and social services aligns with our approach to providing improved health outcomes for low-income families, children, the disabled, seniors and individuals with complex medical needs."

WellCare will acquire Care1st Arizona for approximately $157.5 million; the transaction is expected to close by the end of the first quarter next year. WellCare plans to provide more details during its third quarter 2016 earnings conference call on Nov. 1.

WellCare is based in Tampa and currently serves more than 3.8 million members nationwide.