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Health insurer Centene Corp. agreed to buy managed care provider WellCare Health Plans Inc. for more than $15 billion, expanding in the market for government insurance plans just as politicians in Washington are gearing up for another Obamacare clash.

Centene, based in St. Louis, offered $305.39 per share in cash and stock for Tampa, Fla.-based WellCare, the companies said in a statement Wednesday. The boards of both companies backed the transaction, which has an enterprise value of $17.3 billion.

Both insurers have erected significant businesses around government he...

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