SPRINGFIELD — Point32Health, the not-for-profit parent company of Harvard Pilgrim Health Care and Tufts Health Plan, announced it has signed a definitive agreement with Baystate Health to acquire its subsidiary, Health New England.

Health New England, a not-for-profit health plan in Springfield, offers a range of plans in the commercial, Medicaid, and Medicare markets and serves approximately 180,000 members concentrated in Western Mass. Canton-based Point32Health offers employer-sponsored plans, Medicare and Medicaid plans, plans on the state exchange, and plans for those who are dually eligible for Medicare and Medicaid. It serves 1.9 million members in Massachusetts, Maine, Connecticut, New Hampshire, and Rhode Island.

The acquisition is expected to improve product offerings and expand access to a broader network with wider geographic reach. Among both organizations’ shared priorities is expanding high-quality programs and services, particularly those that cover underserved populations and seniors, as well as maximizing the benefits that not-for-profit health plans provide to communities.

“Preserving and enhancing strong, high-quality, not-for-profit health plans is critical for Massachusetts health care,” said Cain Hayes, president and CEO of Point32Health. “We are excited at the possibility of welcoming Health New England into the Point32Health family of companies. As the only two health plans in the state that serve commercial, Medicaid, and Medicare populations, we have the commitment and expertise to serve people of all socioeconomic backgrounds, especially the underserved, and to improve members’ quality of life through programs and services that improve whole-person health.”

Point32Health aims to harness the strengths of both organizations and bring value to Health New England members and the broader community by providing greater value to consumers by combining complementary strengths, administrative efficiencies, and a broader product offering; expanding access to care for underserved populations and preserving not-for-profit options through extensive experience in serving these populations; and advancing the quality of healthcare members receive through a commitment to addressing behavioral health, health equity, and social determinants of health.

“It is vitally important to the communities that we serve that Health New England and its programs continue to grow and evolve,” said Dr. Mark Keroack, CEO of Baystate Health. “Point32Health is a vibrant organization and is widely recognized for the quality of its products, strength of its network, and commitment to underserved populations. Point32Health offers resources necessary to support Health New England members by advancing its efforts to support wellness, population health, and disease management throughout the region.”

The agreement, which was unanimously approved by the board of directors of Point32Health and the board of trustees of Baystate Health, is subject to regulatory approvals.