Centene took another step toward closing on its $3.75 billion acquisition of Fidelis Care, but the delayed timing of the deal caused the Clayton-based health insurer to lower its earnings forecast for the year.
Centene said Monday it has received approval of its deal for Fidelis, a nonprofit health care plan, from the New York Department of Health and the New York Department of Financial Services. Centene is still awaiting the OK from the New York Attorney General.
However, Centene now expects to close the deal July 1 instead of April 1. It also plans to pay $340 million to the State of New York as part of regulatory approval of the deal.
As a result, Centene revised its earnings forecast to a range of $6.75 to $7.15 per share, down from $6.95 to $7.35 per share.
Read more: St. Louis Post-Dispatch