Allen & Company LLC is serving as financial advisor to Centene, with Skadden, Arps, Slate, Meagher & Flom LLP serving as legal counsel. Citi is serving as financial advisor to Fidelis Care with Norton Rose Fulbright serving as legal counsel.
Centene Corporation (NYSE: CNC) announced today that it has signed a definitive agreement under which Fidelis Care will become Centene’s health plan in New York State. Under the terms of the agreement, Centene will acquire substantially all of the assets of Fidelis Care for $3.75 billion, subject to certain adjustments.
The addition of Fidelis Care will expand Centene’s national leadership in government sponsored healthcare with a leadership position in New York, the country’s second largest managed care state by membership. With the addition of New York, Centene will have a leadership position in the country’s four largest managed care states by membership – California, Florida, New York and Texas. Fidelis Care is a not-for-profit corporation that is a diversified leader in government programs, serving over 1.6 million members as of June 30, 2017, with total revenue of $4.8 billion for the six months ended June 30, 2017.
Fidelis Care is a leading health plan driven by a culture of excellence and discipline, offering quality, affordable health insurance coverage for children and adults of all ages and at all stages of life through Medicaid, Qualified Health Plans, Child Health Plus, Essential Plan, as well as Medicare Advantage, Dual Advantage and Managed Long Term Care. Fidelis Care has an efficient operating platform, a history of profitable operations and a strong balance sheet. It is a successfully diversified business spanning state-sponsored programs, senior programs and exchange products with a statewide network of approximately 70,000 providers.
The Skadden team includes: M&A partners Paul Schnell (Picture) and Sean Doyle and associate Devin Knickerbocker; Financial Institutions partner Michael Homison and associates Vincent Napolitano and Elena Coyle; Corporate Finance partner Laura Kaufmann Belkhayat and associate Richmond Glasgow; Banking partner Steven Messina and counsel Mark Steinman (Toronto); Executive Compensation and Benefits partner Erica Schohn and associate Young Park (Boston); and Tax partner Brian Krause.
Involved fees earner: Paul Schnell – Skadden Arps Slate Meager & Flom; Sean Doyle – Skadden Arps Slate Meager & Flom; Devin Knickerbocker – Skadden Arps Slate Meager & Flom; Michael Homison – Skadden Arps Slate Meager & Flom; Vincent Napolitano – Skadden Arps Slate Meager & Flom; Elena Coyle – Skadden Arps Slate Meager & Flom; Laura Kaufmann Belkhayat – Skadden Arps Slate Meager & Flom; Richmond Glasgow – Skadden Arps Slate Meager & Flom; Steven Messina – Skadden Arps Slate Meager & Flom; Mark Steinman – Skadden Arps Slate Meager & Flom; Erica Schohn – Skadden Arps Slate Meager & Flom; Young Park – Skadden Arps Slate Meager & Flom; Brian Krause – Skadden Arps Slate Meager & Flom;
Law Firms: Skadden Arps Slate Meager & Flom;
Clients: Centene Corporation;