WellCare plans stock, debt offering to pay for $2.5 million Meridian purchase

WellCare Health Plans Inc. will sell about $1.1 billion in stock and issue about $700 million in new debt as part of its plan to fund the purchase of Meridian, a Detroit-based managed care organization. The $2.5 billion purchase of Meridian, announced in May, will expand WellCare’s Medicaid portfolio to 13 states, with leading market share in six of those states. It also provides additional pharmacy benefit management capabilities and substantial revenue to WellCare (NYSE: WCG), already the th ird-largest…
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