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Centene Agrees To Divest Magellan Specialty Health To Evolent Health

  • Evolent Health Inc (NYSE: EVH) has agreed to acquire NIA (also known as Magellan Specialty Health), the specialty benefit management organization owned by Centene Corporation (NYSE: CNC).

  • The organization focuses on managing cost and quality in radiology, musculoskeletal, physical medicine, and genetics.

  • Deal consideration includes $650 million at the close plus additional contingent consideration of up to $150 million based on 2023 performance.

  • The upfront consideration will be partly funded by $250 million in Evolent shares issued at $29.50, a 24% premium to the prior day's closing price.

  • Upon close, the NIA team and platform will be fully integrated into Evolent's value-based specialty care business, which includes New Century Health, Vital Decisions, and IPG.

  • NIA has revenues of approximately $250 million and a standalone adjusted EBITDA of approximately $50 million.

  • The transaction is anticipated to be immediately accretive to adjusted EBITDA margins and cash flow.

  • Highly complementary business is expected to add $85 million of high-visibility Adjusted EBITDA by 2024.

  • Diversifies Evolent's revenue base and increases cross-sell opportunity from $16 billion to $50 billion.

  • In addition to the NIA acquisition, Evolent and Centene are expanding Centene's relationship with NIA and extending NIA's contracts with Centene through 2027. These expansions will generate at least $20 million of Adjusted EBITDA by the fourth quarter of 2024.

  • Price Action: EVH shares closed at $23.86 on Thursday.

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