Centene Corporation (NYSE: CNC) (“Centene”) announced today that it has completed its acquisition of WellCare Health Plans, Inc. (“WellCare”).
Centene now provides access to high-quality and affordable healthcare to its more than 24 million members across all 50 states, or 1 in 15 individuals across the nation. The Company will continue to place great emphasis on long-term growth by prioritizing its people, systems and capabilities so that it can better serve its members, providers and government partners.
“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 Chief Executive Officer. “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.”
Pursuant to the terms of the merger agreement, as announced on March 27, 2019, WellCare became a wholly owned subsidiary of Centene. Under the terms of the merger agreement, 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.
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With the completion of the transaction, 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 have also closed.
WellCare common stock will cease trading as of the close of trading on January 23, 2020.
Source: Prnews Wire
