Centene maps out $2.2B deal for Magellan
January 5, 2021- Share:
St. Louis-based healthcare insurance specialist Centene has agreed to a $2.2 billion deal for Magellan Health, a pharmacy benefits company based in Phoenix that focuses in part on mental health services. The price of $95 per share in cash represents a 14.7% premium to the closing price of Magellan's shares on Dec. 31. Centene indicated the pandemic was one strategic reason for the acquisition, citing a CDC report that more than 40% of Americans are experiencing mental or behavioral health issues linked to the ongoing outbreak.
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