Centene has signed a definitive agreement to sell its businesses in Spain and central Europe to Vivalto Santé.
Vivalto Santé is the third-largest private hospital company in France, operating more than 50 private hospitals, according to a July 25 Centene news release.
The businesses the St. Louis-based managed care organization is selling to Vivalto Santé are:
- Ribera Salud, a healthcare provider in Spain, which operates hospitals and provides other healthcare services
- Torrejón Salud, a public-private partnership in the Community of Madrid which is operated by Ribera Salud
- Pro Diagnostics Group (PDG), a subsidiary of Ribera Salud, which owns clinics providing radiology and other services in Slovakia and the Czech Republic.
Financial details of the agreement were not included in the news release. Centene said it intends to use most of the net proceeds to repurchase stock and the balance to reduce debt.
The transaction is subject to regulatory approvals in Spain and Slovakia and is expected to close by the end of the year, according to the news release.
"This transaction represents another significant milestone in our value creation plan and ongoing portfolio review," Centene CEO Sarah London said in the news release.