With $3.75B Deal, Centene Helps Solidify Its Status As A Giant In Medicaid Market
The company announces it is acquiring Fidelis Care, which will give Centene more than 1.6 million members in New York.
The Wall Street Journal:
Centene Agrees To Buy Fidelis Care In $3.75 Billion Deal
Continuing its rapid expansion, Centene Corp. said it would take over nonprofit insurer Fidelis Care in a $3.75 billion deal, vaulting the company to a leading position in the New York Medicaid market. The acquisition announced Tuesday would give Centene, already a giant in the Medicaid managed-care business, more than 1.6 million members in New York, enrolled in product lines including Medicaid, Affordable Care Act exchange plans, and Medicare. In the first half of the year, Fidelis Care generated $4.8 billion in revenue, Centene said Tuesday, and Fidelis Care said its operations have been profitable. (Wilde Mathews and Armental, 9/12)
Centene In A $3.75 Billion Deal For New York Medicaid Leader Fidelis Care
Centene is making a big move into New York state, with a deal to acquire non-profit insurer Fidelis Care's plans for $3.75 billion. The asset purchase will bring Centene more than 1.6 million new members in the state, spread across the Medicaid, Medicare Advantage and Obamacare exchange markets. (Coombs, 9/12)