Centene unit to acquire Illinois plan's members after failed Molina deal

A subsidiary of Centene Corp. is going to acquire the membership of NextLevel Health Partners, an Illinois Medicaid plan, the insurers said June 30.

The announcement comes after Molina Healthcare terminated its $50 million agreement to acquire all the capital stock of NextLevel. Molina ended the agreement due to "the seller's stated unwillingness to close pursuant to the terms of the acquisition agreement," according to an April 14 filing with the Securities and Exchange Commission.

Under NextLevel's new deal, Centene unit Meridian Health Plan of Illinois will be assigned all of NextLevel's 54,000 members. Pending regulatory approvals, the deal is slated to close in July.

Read more here.

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