BREAKING: Centene to buy WellCare for $15 billion creating 'Obamacare' powerhouse.
ST. LOUIS — With the Trump administration again taking aim at the Affordable Care Act, Centene will spend more than $15 billion on rival WellCare Health Plans, both big players in the ACA market.
The deal would create a powerhouse medical provider in Medicare, Medicaid and the Affordable Care Act marketplace with about 22 million members in the U.S. It will have more than 12 million Medicaid and approximately 5 million Medicare members, including the Medicare prescription drug plan. Shares of WellCare jumped more than 14 percent before the market open on Wednesday. Centene’s stock declined 5.5 percent.
The combined company’s board will have 11 members, with nine from Centene’s board and two from WellCare’s board. Centene Chairman and CEO Michael Neidorff will serve in those roles after the combination.
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