Managed-care company Centene Corp. has announced that its subsidiary intends to buy the Medicaid and long-term-care assets of Citrus Health Care of Tampa, Fla.
Centene subsidiary to buy Citrus Health
The acquisition will boost the presence of Sunshine State Health Plan, Centene's Florida subsidiary, the company said. Terms of the deal were not disclosed, but Centene said the business is expected to add $120 million to $130 million in annual revenue to the St. Louis-based insurer.
“The expansion of our Florida operations is another example of executing on our strategy of growing current market businesses to better meet the needs of our state partners and their members,” said Centene Chairman, President and CEO Michael Neidorff, in a written statement.
Citrus, a PHC Holdings of Florida company, serves more than 52,000 Medicaid members and nearly 2,000 long-term-care members, mostly in Tampa and Orlando. The acquisition requires approval from state regulators and is expected to close in the fourth quarter.
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