PacifiCare Completes Sale of Unit in Utah

PacifiCare Health Systems Inc., the largest operator of Medicare health maintenance organizations, said Friday it has completed the sale of its money-losing Utah health plan for an undisclosed price. Santa Ana-based PacifiCare said it will take a third-quarter pretax charge of $10 million to $15 million, or 10 to 15 cents a share, for the sale to a group of Utah investors. The Salt Lake City-based unit, which insures 125,000 people, will be renamed Altius Health Plans. PacifiCare acquired the plan in February 1997 as part of the company’s $2.2-billion purchase of Orange County rival FHP International Inc. Closely held Altius will be run by co-owner Val Christensen, a former FHP vice president. PacifiCare shares on Friday fell $1.31 to $65.63.