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Health insurer Centene to buy Fidelis Care for $3.75 bln

Health insurer Centene to buy Fidelis Care for $3.75 bln”

Centene, which has been busy expanding its presence on the Affordable Care Act exchanges, also plans to grow through a new acquisition.

Centene Corp.is buying New York-focused, privately held Fidelis Care for $3.75 billion, the Clayton-based insurer announced Tuesday.

Fidelis Care offers affordable health insurance coverage to NY residents and has over 1.6 million members in the state as of June 30.

The acquisition would help Centene expand its government sponsored healthcare coverage with a leadership position in NY, the country's second largest managed care state by membership, the company said.

Centene, which trades on the New York Stock Exchance, will continue to operate the business under the Fidelis Care name. Centene expects to generate 2018 pro-forma total revenue of more than $60 billion, assuming a January 1, 2018 closing date, the company added. In accordance with Centene's decentralized management style, it intends to retain all of Fidelis Care's employees as well as keep its management team intact.

Fidelis said Centene shares its mission of providing high quality, accessible care to all, especially the underserved.

Fidelis is a nonprofit and Catholic organization.



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