Anthem Inc. agreed to acquire WellCare Health Plans Inc.'s Missouri and Nebraska Medicaid plans, in a deal connected to Centene Corp.'s proposed acquisition of WellCare.
The closing of the transaction with Anthem is subject to U.S. federal antitrust clearance, receipt of Missouri and Nebraska state regulatory approvals and other customary closing conditions, as well as the closing of the Centene/WellCare transaction. The companies are developing a plan to ensure a smooth transition for members.
Also, Centene and WellCare announced that their transaction has received approval in California and Wisconsin. Completion of the transaction remains subject to clearance under the Hart-Scott-Rodino Act, state regulatory approvals and other customary closing conditions.
Centene and WellCare continue to expect the transaction to close by the first half of 2020.
Evercore is serving as financial adviser to Centene and Skadden Arps Slate Meagher & Flom LLP is serving as its legal counsel in connection with the divestiture. Kirkland & Ellis LLP, Locke Lord LLP and Bass Berry & Sims PLC are serving as WellCare's legal counsel in connection with the divestiture.
