Centene/Allwell & Wellcare Agreement Update
Centene is pleased to announce that they have entered into a definitive agreement to acquire WellCare. The combination of these businesses will create a premier healthcare enterprise focused on government-sponsored healthcare programs and a leader in Medicaid, Medicare and the Health Insurance Marketplace.
Like Centene, WellCare believes that affordable and quality healthcare is best delivered locally. WellCare brings to Centene a high-quality Medicare platform, increases their exposure to government-sponsored healthcare solutions through its Medicare Advantage and Medicare Prescription Drug Plans, and further extends their robust Medicaid offerings. Headquartered in Tampa, Fla., WellCare serves more than 5.5 million members nationwide.
Centene takes the lead to build on their competitive strengths and serve the government partners, providers and members.
Some highlights about the combined company:
- Centene would serve approximately 22 million members across all 50 states, making them the leader in government-sponsored healthcare.
- Centene will be better positioned to serve members with increased scale and more comprehensive and differentiated solutions to meet their needs.
- Centene will benefit from leveraging their growing position in the Health Insurance Marketplace to new markets.
- They will continue investing in technology and programs for the benefit of all stakeholders.
- Centene will continue to focus on leading the market with affordable, high-quality, culturally-sensitive healthcare services and enhancing robust efforts to address the social determinants of health.
Planning for Integration
Centene expects to complete this transaction in the first half of 2020, subject to various closing conditions, including regulatory and shareholder approvals.
Both Centene and WellCare have proven track records in executing these kinds of strategic transactions. While this acquisition is in large part about growth and realizing the benefits of our enhanced scale, it will also be about using their combined strengths, especially in markets where both operate.
Next Steps: Business as Usual
Importantly, until the closing of this transaction, Centene and WellCare will continue to operate as independent companies.
If you have any questions please feel free to reach out to your Cornerstone Senior Marketing representative.