WellCare Health Plans, Inc. (NYSE: WCG) announced today that it signed a definitive agreement to acquire certain assets, including Medicaid membership and certain provider contracts, from Phoenix Health Plan (PHP), a wholly owned managed care subsidiary of Tenet Healthcare. PHP provides health benefits primarily to more than 50,000 Medicaid beneficiaries as of Dec. 1, 2016 in Maricopa County, Arizona, the state's largest geographic service area.

"We are pleased to announce a second acquisition in the state of Arizona this year. This transaction will complement our pending acquisition of Care1st Health Plan Arizona and further strengthen our presence in the state," said Ken Burdick, WellCare's chief executive officer. "We look forward to partnering with the state and local providers to deliver high-quality, cost-effective health care solutions to help Arizona's Medicaid beneficiaries live better, healthier lives."

WellCare will work with PHP and Arizona Health Care Cost Containment System (AHCCCS) to ensure a smooth transition for members.

The transaction is expected to close by the second quarter of 2017, pending regulatory approvals, and other customary closing conditions. The financial terms of the transaction are not being disclosed. The transaction is expected to be funded with available cash on hand.

About WellCare Health Plans, Inc.

Headquartered in Tampa, Fla., WellCare Health Plans, Inc. (NYSE: WCG) focuses exclusively on providing government-sponsored managed care services, primarily through Medicaid, Medicare Advantage and Medicare Prescription Drug Plans, to families, children, seniors and individuals with complex medical needs. The company served approximately 3.8 million members nationwide as of September 30, 2016. For more information about WellCare, please visit the company's website at www.wellcare.com.