WellCare Health Plans, Inc. : WellCare To Acquire Aetna's Missouri Care
TAMPA, Fla. (Jan. 22, 2013) - WellCare Health Plans, Inc. (NYSE: WCG) today
announced that it has entered into an agreement to acquire Missouri Care,
Inc., a subsidiary of Aetna, Inc. (NYSE: AET). As of December 2012, Missouri
Care serves more than 100,000 MO HealthNet Medicaid program members in 54
counties across the state. Missouri Care has an extensive provider network
that includes more than 50 hospitals and 9,500 physicians.
"Missouri Care has enjoyed a long-standing and sizable presence in the state,
serving the Medicaid program for approximately 15 years," said Alec
Cunningham, WellCare's CEO. "We are pleased to re-enter the MO HealthNet
program under the leadership of Missouri Care CEO Pamela Johnson and her team.
"The Missouri Care acquisition complements WellCare's existing Medicare
Advantage and Prescription Drug Plan offerings," said Cunningham. As of
January 2013, WellCare serves approximately 3,000 Medicare Advantage members
and 13,000 Medicare Prescription Drug Plan members in Missouri.
The transaction is subject to regulatory approvals and certain other closing
conditions. WellCare anticipates that the transaction will close in the next
90 days. Because WellCare has not provided financial guidance for 2013 at this
time, the company is not providing financial information regarding the
Missouri Care transaction or its potential impact on 2013 financial results.
About WellCare Health Plans, Inc.
WellCare Health Plans, Inc. provides managed care services targeted to
government-sponsored health care programs, focusing on Medicaid and Medicare.
Headquartered in Tampa, Fla., WellCare offers a variety of health plans for
families, children, and the aged, blind and disabled, as well as prescription
drug plans. The company serves approximately 2.6 million members nationwide as
of Sept. 30, 2012. For more information about WellCare, please visit the
company's website at www.wellcare.com.
Cautionary Statement Regarding Forward-Looking Statements
This news release contains "forward-looking" statements that are made pursuant
to the safe harbor provisions of the Private Securities Litigation Reform Act
of 1995. Statements that are predictive in nature, that depend upon or refer
to future events or conditions, or that include words such as "expects,"
"anticipates," "intends," "plans," "believes," "estimates," and similar
expressions are forward-looking statements. For example, the statement
regarding the timing of the closing of the acquisition of Missouri Care is a
forward-looking statement. Forward-looking statements involve known and
unknown risks and uncertainties that may cause WellCare's actual future
results to differ materially from those projected or contemplated in the
forward-looking statements. These risks and uncertainties include, but are not
limited to, the satisfaction of the closing conditions for the acquisition,
the receipt of regulatory approval for our business expansion, WellCare's
ability to address operational challenges relating to new business, WellCare's
ability to effectively execute and integrate acquisitions, WellCare's progress
on top priorities such as improving health care quality and access, ensuring a
competitive cost position, and delivering prudent, profitable growth, and
WellCare's ability to effectively manage growth.
Additional information concerning these and other important risks and
uncertainties can be found under the captions "Forward-Looking Statements" and
"Risk Factors" in WellCare's Annual Report on Form 10-K for the year ended
December 31, 2011, and in WellCare's Quarterly Report on Form 10-Q for the
period ended September 30, 2012 and other subsequent filings by WellCare with
the U.S. Securities and Exchange Commission, which contain discussions of
WellCare's business and the various factors that may affect it. WellCare
undertakes no duty to update these forward-looking statements to reflect any
future events, developments, or otherwise.
WellCare To Acquire Aetna's Missouri Care
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(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of
information contained therein.
Source: WellCare Health Plans, Inc. via Thomson Reuters ONE
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