Medicaid managed care organization My Choice Wisconsin will be sold for $150 million in cash to Molina Healthcare Inc. with the proceeds going to establish a charitable foundation.

Wauwatosa-based My Choice is a nonprofit and its bylaws require that proceeds from a sale be applied to a charitable purpose in Wisconsin, CEO Maria Ledger said Monday.

“Our board has elected to establish a foundation and after receipt of the sale proceeds a structured charitable plan will be devised and implemented,” Ledger said via email.

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