Bankia sells health developer to Centene Corporation

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Bankia sells health developer to Centene Corporation

Bankia announced in early April it has agreed to sell its 50% stake in the health management group Ribera Salud to the Centene Corporation from the United States, which specialises in health services.

The financial institution thus ends its participation in a leading company in health-related administrative concessions in Spain.

Ribera Salud holds stakes in four hospital concessions:

  • University Hospital of La Ribera: 301 beds and €140 million investment
  • Torrevieja hospital: 250 beds and €90 million investment
  • Denia hospital: 266 beds and €97 million investment
  • Vinalopo hospital: 212 beds and €146 million investment

The sale was accomplished by means of a competitive process involving interested investors and is among the bank's commitments as set out in the Restructuring Plan for the BFA-Bankia Group, approved by Spanish and European authorities in November 2012.

Bankia said the operation will not significantly impact Bankia's accounts.

In that operation Bankia was advised by KPMG in financial matters and the firm of Watson, Farley and Williams in legal matters.

Centene Corporation is a leading company in the American health sector and is quoted on the New York Stock Exchange. It has more than 30 years of experience working with state governments in the USA.

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