Deere & Co., Moline, IL, has agreed to sell its wholly-owned managed care subsidiary to UnitedHealthcare of Minneapolis.

Deere & Co., Moline, IL, has agreed to sell its wholly-owned managed care subsidiary to UnitedHealthcare of Minneapolis, the second largest health insurer in the U.S.

"For over 20 years, the employees of John Deere Health Care have done an outstanding job of serving their customers, including John Deere employees," said Robert W. Lane, chairman and chief executive officer of Deere & Co. "Now all can benefit from the advantages provided by a national health care insurer."

UnitedHealthcare will purchase John Deere Health Care Inc. for approximately $500 million in a stock purchase transaction. Deere said it will record a pre-tax gain of approximately $350 million and an after-tax gain of approximately $225 million when the transaction closes. The agreement is subject to certain state and federal regulatory approvals.