Centene (NYSE: CNC) wrapped up its acquisition of Magellan Health days after the St. Louis-based managed care company obtained all needed regulatory approvals to close the transaction.
“Magellan will expand Centene’s reach to provide increased access to behavioral healthcare for our members at a time when so many Americans are struggling with mental or behavioral health issues,” Michael Neidorff, chairman and CEO of Centene, said in a statement published Tuesday.
Magellan Health will continue to operate as an independent company as part of Centene’s Health Care Enterprises. Magellan Health CEO Ken Fasola and other members of the company’s leadership team will continue to oversee the organization.
“This transaction establishes a strong foundation from which we will innovate and reimagine behavioral and specialty health to provide comprehensive and integrated healthcare to our members, while generating value for our state partners and shareholders,” added Neidorff.
In January 2021, Centene agreed to buy Magellan Health for approximately $2.2 billion, or $95 per share in cash, as part of efforts to expand its whole health capabilities and create a behavioral health platform.