Centene, WellCare merger finalized
By HME News Staff
Updated Fri January 24, 2020
ST. LOUIS - Centene Corp. has completed its acquisition of WellCare Health Plans, creating what it calls the leading healthcare enterprise focused on government-sponsored healthcare programs.
Centene now provides health care to more than 24 million members across 50 states, or one in 15 people across the nation.
"We are pleased to have completed this transformational acquisition to create a leading healthcare enterprise committed to helping people live healthier lives through access to high-quality and affordable healthcare solutions," said Michael F. Neidorff, Centene's chairman, president and CEO. "Through the integration planning process, it has become even more apparent that our goals, cultures and values are aligned. Centene is committed to building on our mission to further improve the health of the communities we serve. We look forward to Centene's next chapter where we will continue to drive growth and create value for shareholders."
Per the terms of the merger, first announced March 27, WellCare has become a wholly owned subsidiary of Centene. WellCare shareholders received a fixed exchange ratio of 3.38 shares of Centene common stock and $120 in cash for each share of WellCare common stock.
Now that the transaction is complete, the previously announced divestitures of Centene's Illinois Medicaid and Medicare Advantage plans, WellCare's Missouri Medicaid and Medicare Advantage plans, and WellCare's Nebraska Medicaid plan are also closed.
WellCare common stock stopped trading on Jan. 23.
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