Centene Corp. (NYSE: CNC) announced Thursday that it plans to acquire Carolina Crescent Health Plan and expand its South Carolina Medicaid enrollment, according to Associated Press.
The insurer said Thursday Absolute Total Care, its South Carolina subsidiary, signed an agreement to acquire the nonprofit Carolina Crescent from University Health Services Inc. (NYSE: UHS). The deal is expected to close in the third quarter, pending state regulatory approval.
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Financial terms for the deal were not disclosed.
Carolina Crescent serves more than 40,000 Medicaid members across the state of South Carolina.
Centene said the deal will add revenue ranging from $55 million to $65 million this year and between $115 million and $130 million on an annual basis. The insurer expects it to add about 2 to 3 cents to earnings per share this year and 9 to 11 cents annually.
With the acquisition, Absolute Total Care will provide Medicaid managed care services for about 90,000 people in the state.
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