WellCare Health Plans announced that, effective September 1, it completed its acquisition of Meridian Health Plan of Michigan, Meridian Health Plan of Illinois, and MeridianRx, a pharmacy benefit manager following the receipt of all required regulatory approvals. With the closing of the acquisition, Meridian is now a wholly-owned subsidiary of WellCare. The transaction is expected to produce 40c-50c of accretion to WellCare’s adjusted EPS in 2019, 70c-80c of accretion in 2020, and $1.00+ of accretion in 2021, inclusive of $30M-$40M in synergies that will ramp up over the next few years and exclusive of one-time transaction-related expenses of $75M-$85M and cumulative integration-related expenses of $50M-$60M.
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