Insurer Centene Corp. agreed to buy Magellan Health Inc., in a transaction valuing the target company at $2.2 billion, to expand further into mental-health care.
Centene will pay $95 a share in cash, according to a statement on Monday, or 15% above Magellan Health’s closing price on Thursday. The purchase will be primarily funded with debt, and JPMorgan Chase & Co. has provided a bridge financing commitment.
