Centene Corp., St Louis, agreed to acquire the San Antonio Medicaid business of Blue Cross and Blue Shield of Texas for undisclosed terms. The 21,000 additional members would bring Centene's San Antonio membership to 45,000. The deal is expected to close in the third quarter pending regulatory approval. If completed, it would generate additional revenue of $11 million to $13 million for Centene and add 3 cents to 4 cents to per-share earnings for the rest of 2003. In late April, Centene raised its 2003 earnings guidance to between $2.59 per share and $2.64 per share on revenue between $720 million and $730 million, excluding additional acquisitions. Centene provides services to 419,300 low-income, elderly and disabled people receiving Medicaid, Supplemental Security Income or State Children's Health Insurance Program benefits. -- by Laura B. Benko
Centene to acquire San Antonio Medicaid business
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