RTTNews | Jan 4, 2021 06:07AM EST

06:07 Monday, January 4, 2021 (RTTNews.com) - Centene Corp. (CNC) and Magellan Health, Inc. (MGLN) have entered into a definitive merger agreement under which Centene will acquire Magellan Health for $95 per share in cash for a total enterprise value of $2.2 billion. Ken Fasola, CEO of Magellan Health, and other members of Magellan Health's leadership team have agreed to join Centene.

Centene expects the deal to be slightly accretive in the first full year and deliver low to mid-single digit percent adjusted EPS accretion from the transaction by the second full year, including approximately $50 million in annual net cost synergies projected by the second full year.

The companies expect to complete the transaction in the second half of 2021.

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