(RTTNews) - Centene Corp. (CNC) and WellCare Health Plans, Inc. (WCG) announced Thursday that the Illinois Department of Insurance, the New Jersey Department of Banking and Insurance and the New Jersey Division of Medical Assistance and Health Services have each approved Centene's indirect pending acquisition of WellCare domestic insurers in those respective states.
The pending merger has received approvals from all 27 states. However, the completion of the transaction remains subject to clearance under the Hart-Scott-Rodino Act, approval of the divestitures of legal entities in the states of Illinois and Nebraska, and other customary closing conditions.
In March 2019, Centene agreed to acquire WellCare in a cash and stock transaction for $305.39 per share for a total enterprise value of $17.3 billion to create a premier healthcare enterprise focused on government-sponsored healthcare programs and a leader in Medicaid, Medicare and the Health Insurance Marketplace.
Centene and WellCare continue to expect that the acquisition will be completed by the first half of 2020.
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