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Insurer Centene to Buy Magellan for $2.2 Billion to Expand Its Mental Health Services
Health insurer Centene Corp. said on Monday it has agreed to buy Magellan Health Inc. in a $2.2 billion deal including debt, looking to build up its mental health services as more Americans struggle with COVID-19-related behavioral and anxiety issues.
Centene has offered $95 per share in cash, a 14.7% premium to the pharmacy benefits manager’s Thursday closing price.
Shares of Magellan Health, which also provides mental health services to patients with serious mental illness, autism and opioid and substance use, were up 13.1% at $93.70 on Monday afternoon on the Nasdaq.