WellCare buys Detroit-based health insurance firm for $2.5 billion


WellCare Health Plans Inc. has a definitive agreement to buy Meridian, headquartered in Detroit and one of the largest privately held, for-profit managed care organizations in the United States, for $2.5 billion in cash.

The deal calls for WellCare (NYSE: WCG), a Tampa-based managed care provider focused on government-sponsored health plans, to acquire Meridian Health Plan of Michigan Inc., Meridian Health Plan of Illinois Inc., and MeridianRx, a pharmacy benefit manager, a press release said.

The…

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