Centene Corporation Purchases A Noncontrolling Interest In Spanish Health
ST. LOUIS, April 7, 2014
ST. LOUIS, April 7, 2014 /PRNewswire/ -- Centene Corporation (NYSE: CNC)
announced today that it has signed a definitive agreement to purchase a
noncontrolling interest in Ribera Salud S.A., a Spanish health management
group. Centene will be a joint shareholder with Ribera Salud S.A.'s remaining
investor, Banco Sabadell, the fourth largest private bank in Spain.
Based in Valencia, Ribera Salud S.A. is highly regarded for its ACO-like,
public-private partnership health care model - commonly known as the "Alzira
Model." This business model closely aligns with Centene's core competencies of
serving government-sponsored healthcare programs and providing better health
outcomes to local communities at lower costs.
The transaction is expected to close in 2014, subject to closing conditions
and regulations. Centene expects the transaction to be neutral to the
company's financial results in 2014.
About Centene Corporation
Centene Corporation, a Fortune 500 company, is a leading multi-line healthcare
enterprise that provides programs and services to government sponsored
healthcare programs, focusing on under-insured and uninsured individuals.
Many receive benefits provided under Medicaid, including the State Children's
Health Insurance Program (CHIP), as well as Aged, Blind or Disabled (ABD),
Foster Care and Long Term Care (LTC), in addition to other
state-sponsored/hybrid programs, and Medicare (Special Needs Plans). The
Company operates local health plans and offers a range of health insurance
solutions. It also contracts with other healthcare and commercial
organizations to provide specialty services including behavioral health, care
management software, correctional systems healthcare, in-home health services,
life and health management, managed vision, pharmacy benefits management,
specialty pharmacy and telehealth services.
This information provided in this press release contains forward-looking
statements about a transaction between Centene and Bankia, including the
potential financial impact of the transaction and the anticipated timing of
the completion of the transaction. Such information involves substantial risks
and uncertainties including, among other things, whether and when Centene and
Bankia will satisfy the various closing conditions, including without
limitation obtaining the required regulatory approvals; and economic,
regulatory, competitive and other factors that may cause the actual benefits
to be materially different from those expressed in this press release.
Forward-looking statements speak only as of the date of this release and are
based on information available at the time those statements are made, as well
as management's views and assumptions regarding future events. You should not
put undue reliance on any forward-looking statements. Centene does not
undertake to update its forward-looking statements, except as required by law.
SOURCE Centene Corporation
Contact: US Media, Deanne Lane, (314) 725-4477, US Investors, Edmund E. Kroll
Jr., (212) 759-0382 and Spanish Media, Juan Jose Berganza, T: +34 91 563 77
22, M: +34 609 37 30 26
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