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Centene to sell Illinois health plan unit to CVS to aid WellCare deal close

Credit: REUTERS/Brian Snyder

Health insurer Centene Corp said on Monday it would divest its Illinois unit, IlliniCare Health Plan Inc, to CVS Health Corp, as it looks to close its $15.27 billion deal to buy smaller rival WellCare Health Plans Inc.

Dec 2 (Reuters) - Health insurer Centene Corp CNC.N said on Monday it would divest its Illinois unit, IlliniCare Health Plan Inc, to CVS Health Corp CVS.N, as it looks to close its $15.27 billion deal to buy smaller rival WellCare Health Plans Inc WCG.N.

The transaction entails the sale of Centene's Medicaid and Medicare Advantage lines of business in Illinois, the company said.

Financial terms of the deal were not disclosed.

(Reporting by Manas Mishra in Bengaluru; Editing by Shinjini Ganguli)

((Manas.Mishra@thomsonreuters.com; within U.S. +1 646 223 8780, outside U.S. +91 806749 8325;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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