Centene Corporation has executed definitive agreements to acquire Celtic Group Inc., the parent company of Celtic Insurance Company ("Celtic"). Pending regulatory approval, the acquisition is expected to close in the third quarter of 2008. Celtic, a privately-owned nationwide health insurance carrier based in Chicago, Illinois, provides health insurance to individual customers and their families. The purchase price for the transaction is $80 million, subject to certain transaction adjustments, and will be funded through borrowings under Centene's existing $300 million credit facility. Celtic will continue to operate under its current brand and the operations will remain at its Chicago headquarters.
Tuesday, March 18, 2008
Centene Corp. to Purchase Celtic Group
Centene Corporation has executed definitive agreements to acquire Celtic Group Inc., the parent company of Celtic Insurance Company ("Celtic"). Pending regulatory approval, the acquisition is expected to close in the third quarter of 2008. Celtic, a privately-owned nationwide health insurance carrier based in Chicago, Illinois, provides health insurance to individual customers and their families. The purchase price for the transaction is $80 million, subject to certain transaction adjustments, and will be funded through borrowings under Centene's existing $300 million credit facility. Celtic will continue to operate under its current brand and the operations will remain at its Chicago headquarters.
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