Centene Corp. announced Thursday that it has completed the $6 billion acquisition of Health Net.
With the addition of Health Net, Centene said it is now the largest Medicaid managed care company in the country.
"We are pleased to announce the completion of this transformative acquisition, which creates tremendous opportunity for our shareholders, members, providers and key stakeholders," Michael Neidorff, chairman and CEO of Centene, said in a statement.
Centene's board of directors will increase to 10 members with the addition of Vicki Escarra, a director of Woodland Hills, Calif.-based Health Net and CEO of Opportunity International, a Chicago-based nonprofit that provides small business loans across the globe.
The completion of the Centene-Health Net acquisition comes on the heels of securing the final regulatory approvals needed to move forward. On Tuesday, a pair of California regulators signed off on the deal.
Effective today, Health Net is no longer a publicly traded company and is a wholly owned subsidiary of Centene.
Samantha Liss • 314-340-8017
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