Centene will sell certain Spanish and European healthcare businesses as the company continues to review “strategic alternatives for its international portfolio,” the health insurer said Monday.
The announcement, which comes ahead of its second quarter earnings release Tuesday, said assets to be sold include: the hospital operator Ribera Salud; Torrejón Salud, a public-private partnership in the Community of Madrid which is operated by Ribera Salud; and Pro Diagnostics Group, a subsidiary of Ribera Salud, which owns clinics providing radiology and other services in Slovakia and the Czech Republic, Centene said. A sale price was not disclosed in the announcement.
The deal comes as the company has bolstered its U.S. health insurance offerings with Magellan Health, which sells and manages behavioral health services. Centene said the company plans to “use the majority of the net proceeds from the sale to repurchase stock and the balance to reduce debt.”
"This transaction represents another significant milestone in our value creation plan and ongoing portfolio review," Centene chief executive officer Sarah London said. "We are pleased to have found a leading European healthcare partner in Vivalto Santé, who we believe is best positioned to drive growth and make additional investments in Ribera Salud, Torrejón, and PDG, so they can continue providing high-quality care for patients across Europe."
Centene said the deal is “expected to be neutral to Centene's adjusted diluted earnings per share in the 12-month period post-closing.”
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July 25, 2022 at 08:25PM
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Centene To Sell Some European Assets As Health Insurer Focuses On U.S. - Forbes
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