Centene/WellCare Merger Gets Approval From Five More States
Article courtesy of WellCare/Hill+Knowlton Strategies
Centene Corp. and Tampa-based WellCare Health Plans Inc.’s planned $17.3 merger has gained the approval of five more states.
Arizona, Connecticut, Georgia, Ohio and Texas join 17 other states that approved of St. Louis-based Centene Corp’s (NYSE: CNC) acquisition of WellCare (NYSE: WCG). This latest round of approvals brings the total count of insurance departments that have signed off on the merger to 24. The companies originally sought the approval of 27 departments.
“We are making important progress in our merger process and are pleased that state insurance regulators continue to see the benefits that our combination will bring to recipients and communities,” Michael F. Neidorff, Centene’s chairman, president and CEO, said in a statement. “We will continue to work with the remaining state insurance regulators to demonstrate how we will provide recipients with access to affordable, high-quality services and products as well as deliver fair compensation for providers and create savings for states.”
The two companies expect the deal to be completed in the first half of 2020. WellCare is one of the Tampa Bay area’s largest public companies, according to Tampa Bay Business Journal research.