Centene acquiring Health Net in $6.8 billion deal

St. Louis-based Centene Corp. is acquiring Los Angeles-based managed care provider Health Net in a deal valued at $6.8 billion.

Expected to close by early 2016, the deal would add Health Net's Medicare platform to Centene's portfolio of existing Medicaid programs. The combined firm would have over 10 million members nationwide and be worth $37 billion in revenue, according to the St. Louis Business Journal.

The deal would net Health Net shareholders 0.6 shares of Centene common stock and $28.25 in cash for each share of Health Net stock. Centene shareholders would own 71 percent of the combined company upon completion of the acquisition.

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