The $17.3 billion megamerger between Centene Corp. and WellCare Health Plans closed Thursday.
The $17.3 billion megamerger between Centene Corp. and WellCare Health Plans closed Thursday, one day after the two companies announced that the deal satisfied all regulatory approvals.
"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," Michael F. Neidorff, CEO of Centene, said in a statement.
Neidorff will lead the new combined company, which will be based in St. Louis.
The two insurers announced plans for a $17.3 billion megamerger in March 2019 and the combined company will oversee more than 24 million members in all 50 states.
Both companies received final regulatory approvals for the deal on Wednesday, as WellCare divests its Medicaid and Medicare Advantage plans in Missouri, along with its Medicaid plan in Nebraska, while Centene divests its Medicaid and Medicare Advantage plans in Illinois.
WellCare stock will cease trading on Thursday, while Centene stock, which had been trading down for most of the morning, started trading higher after the merger closed around noon.
Jack O'Brien is the Content Team Lead and Finance Editor at HealthLeaders, an HCPro brand.
Photo credit: KIEV, UKRAINE - Dec 11, 2018: Centene Corporation Insurance company logo seen displayed on smart phone. - Image / Editorial credit: IgorGolovniov / Shutterstock.com