MOLINE, Ill. -- Deere & Company said Friday that it has closed the sale of the company's health care operations to UnitedHealthcare of Minneapolis, Minn. The transaction was announced by both companies in December 2005.

Deere said it sold John Deere Health Care Inc. to UnitedHealthcare for about $500 million in cash. The transaction will result in a second quarter gain of approximately $350 million pre-tax or $225 million after-tax.

Deere had been in the managed health care business since creating the subsidiary in 1985. Deere said UnitedHealthcare is expected to rename John Deere Health Care Inc. and its subsidiaries within one month and transition away from using the John Deere brand within one year.

SOURCE: Deere & Company.