Centene Corporation CNC has inked a pact to divest Circle Health Group, one of the U.K.'s largest independent operators of hospitals, to Middle-East-based PureHealth at an enterprise value of approximately $1.2 billion.
Centene invested in Circle Health in 2019 and acquired the remaining equity interests in the company in July 2021.
The sale reflects the continued execution of Centene's value-creation efforts and portfolio review.
Circle Health operates 53 hospitals across every region of Great Britain, providing a wide range of surgery and treatments to privately insured, self-pay and NHS patients.
"This transaction marks another milestone in our portfolio review and showcases continued momentum against our value creation plan," said Centene Chief Executive Officer Sarah London.
The transaction is expected to close in the first quarter of 2024.
Price Action: CNC shares are trading higher by 0.86% to $64.03 on the last check Monday.
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