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  • Thursday, April 25, 2024

Centene’s Magellan Health Buy Inches Closer to Completion; Michael Neidorff Quoted

Centene (NYSE: CNC) has secured all required regulatory clearances to complete its acquisition of Magellan Health (Nasdaq: MGLN) and both parties expect the transaction to close on Jan. 4, Tuesday.

“Our combined company will have expanded reach in a variety of specialty services and will provide increased access to behavioral health care during a time of need for the communities we serve,” Michael Neidorff, chairman and CEO of Centene, said in a statement published Thursday.

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. Magellan Health will continue to operate as an independent company and explore growth opportunities as part of Centene’s Health Care Enterprises.

Magellan Health is the parent company of Magellan Federal, formerly Armed Forces Services Corp. that rebranded in November 2020.

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