Ambetter Health owner Centene Corporation has successfully completed the previously announced sale of its pharmacy business Pantherx to the Vistria Group, General Atlantic, and Nautic Partners.
Centene acquired Pantherx in December 2020. The group said it plans to use the majority of the net proceeds from the sale to repurchase stock and the balance to reduce debt.
Details of the deal first emerged in early May when Centene revealed it had signed a definitive agreement to sell Magellan Rx to Prime Therapeutics and a separate definitive agreement to sell Pantherx Rare to a consortium of The Vistria Group, General Atlantic, and Nautic Partners.
Subject to customary purchase price adjustments, Centene said at the time that it expects to receive aggregate proceeds of approximately US$2.8bn from the transactions.
Sarah London, CEO of Centene, said: “We are pleased to close this transaction, which represents another key milestone in our value creation plan and enables us to continue focusing on our core business.”
Barclays served as financial adviser to Centene on the deal and Bass Berry Sims served as its legal counsel.