Centene Corporation, WellCare Health Plans
- Type of deal: Acquisition
- Announcement date: March 27, 2019
- Close date: Pending, projected to be complete in the first half of 2020
- Deal value: $17.3 billion
- Name of new company: Centene Corporation
- Total number of employees at combined company: About 45,000
- Headquarters of combined company: St. Louis, Missouri
- Leadership of combined company: Michael Neidorff, CEO of Centene, will take over as leader of the joint company. WellCare CEO Ken Burdick and Chief Financial Officer Drew Asher will take leadership roles at Centene.
What's the latest? Centene announced its plans to purchase WellCare in a blockbuster deal that could reshape the government insurance market. If finalized, the joint company would be the largest sponsor nationwide of Medicaid managed care and Affordable Care Act exchange plans, and the fourth-largest sponsor of private Medicare plans.
There were rumblings that investors in Centene might try to derail the deal in favor of a more lucrative sale to Humana, which the latter denied. Shareholders for both Centene and WellCare later approved the deal.
Centene officials said during the company’s second-quarter earnings call that the deal appears to be pacing ahead of schedule and may close earlier than expected.