Centene has increased its investment in Ribera Salud Group in Spain as the U.S. health insurer
expands its international healthcare business.
Centene said it now owns 90% of Ribera Salud, which provides "private management of
government-sponsored healthcare in Spain and Slovakia," the company's website says. Centene,
which purchased the stake from Banco Sabadell for an undisclosed amount, said
the deal increases its investment from 50%.
"We are pleased
to grow our stake in Ribera Salud and to further demonstrate our
commitment to developing our international portfolio," Centene Chairman
and CEO said Michael Neidorff said. "With this transaction, Centene
is positioned to expand our innovative solutions internationally through cutting-edge
technology, value creation and positive outcomes for our customers."
Centene also has investments in the United Kingdom and
late last year purchased a stake in University Hospital of Torrejón in
Madrid. Centene joins rivals like UnitedHealth Group and its Optum unit as well
as Cigna that are increasingly looking outside the U.S. at established and
emerging markets for growth possibilities.
Centene’s U.S.
business has grown rapidly thanks to the Affordable Care Act and its subsidized
individual coverage and the expansion of Medicaid benefits for poor Americans.
Centene is poised to
become a national player in the U.S. with its proposed acquisition of WellCare
Health Plans for more than $15 billion. That deal is currently wending its way
through state and U.S. regulatory approvals and Centene said last month executives
expect the deal to close in the first half of 2020.
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