St. Louis firm completes $17.3B acquisition of area health plan company

TAMPA — St. Louis-based Centene Corp. has finalized its acquisition of WellCare Health Plans Inc., completing a $17.3 billion cash-and-stock deal struck in March 2019.

According to a press release, the addition of Tampa-based WellCare increases Centene’s health care coverage to more than 24 million members across all 50 states, or one in 15 people across the nation.

"We are pleased to have completed this transformational acquisition to create a leading health care enterprise committed to helping people live healthier lives through access to high-quality and affordable health care solutions," states Michael Neidorff, Centene's chairman, president and CEO, in the release. "Through the integration planning process, it has become even more apparent that our goals, cultures and values are aligned. Centene is committed to building on our mission to further improve the health of the communities we serve.”

WellCare, as a result of the deal, has become a wholly owned subsidiary of Centene; its stock ceased trading on Thursday, Jan. 23.

WellCare reported $20.41 billion in gross annual revenue in 2018, up from $17.01 billion in 2017.