ANTHEM, WELLPOINT GET MERGER APPROVAL FROM CDI:

Anthem Inc. and WellPoint Health Networks Inc. announced that John Garamendi, Commissioner of the California Department of Insurance (CDI), has granted his approval for their pending merger. In July of this year, the companies received approval from California’s Department of Managed Health Care (DMHC) after a several months-long, comprehensive review of the proposed merger. The companies are now communicating with regulators in other states in order to complete the merger as quickly as possible. In working with Commissioner Garamendi, the companies made a number of commitments designed to address some of the most pressing problems in California’s health care system. The commitments further build upon the agreements negotiated with the DMHC in its approval for the merger earlier this year. Specifically, in addition to the commitments previously made to the DMHC, Anthem and WellPoint have agreed to allocate an additional $100 million of high-quality portfolio investments through the Investment in a Healthy California Program. These investments are targeted at health care facilities and services in underserved communities over the 20-year life of the program. Anthem will also contribute $50 million to support community clinics and the training of nurses through California community colleges to address the state’s nursing shortage.

Topics California Mergers & Acquisitions