Elevance Health, Inc.
Acquisitions
4
Major Deals Covered
$7.6B
Disclosed Deal Value
Elevance Health's largest disclosed acquisition here is Amerigroup Corporation for $4.9B in 2012. This page covers 4 major deals from 2012 to 2025, each with its price where disclosed and the reason behind it.
| Company | Year | Price | Purpose |
|---|---|---|---|
| WellCare Health Plans, Inc. | 2020 | Undisclosed | Anthem acquired WellCare in January 2020 to expand its Medicaid and Medicare Advantage businesses. |
| Amerigroup Corporation | 2012 | $4.9B | WellPoint acquired Amerigroup in 2012 to expand in Medicaid managed care. |
| BioPlus Specialty Pharmacy | 2023 | Undisclosed | Add specialty pharmacy capabilities to CarelonRx. |
| CareBridge | 2025 | $2.7B | Add home- and community-based care management for people receiving long-term services and support. |
2025
$2.7B
Add home- and community-based care management for people receiving long-term services and support.
Expanded Carelon's risk-based services for Medicaid and dual-eligible populations.
Operates within Carelon Services; the roughly $2.7B value was reported by press, not disclosed by the company.
2023
Add specialty pharmacy capabilities to CarelonRx.
Expanded dispensing of high-cost specialty drugs.
Integrated into CarelonRx.
2020
Anthem acquired WellCare in January 2020 to expand its Medicaid and Medicare Advantage businesses.
The deal significantly enlarged Elevance's government-program membership.
WellCare's Medicare plans were later folded into the company's Wellpoint brand.
2012
$4.9B
WellPoint acquired Amerigroup in 2012 to expand in Medicaid managed care.
Amerigroup became the base of the company's Medicaid franchise.
Its plans were rebranded under Wellpoint in 2023.
Elevance is pruning lower-margin business, such as exiting standalone Medicare Part D plans for 2026 and the D.C. Medicaid market, while investing in medical cost management, provider connectivity and Carelon. Recent deals that extend Carelon include BioPlus specialty pharmacy (2023), Kroger Specialty Pharmacy (2024) and CareBridge home-based care (reported at about $2.7B, 2024 to 2025).
Elevance makes money in two ways. First, its Health Benefits segment collects premiums from employers, individuals and government programs and pays members' medical claims; profit depends on keeping the benefit expense ratio (89.7% in Q2 2026) below premium levels and on fees for administering self-funded employer plans. Second, Carelon earns pharmacy and services revenue: CarelonRx manages prescription benefits and dispenses specialty drugs, while Carelon Services sells behavioral health, home-based care and risk-based care management, increasingly to outside health plans as well as Elevance's own members. Carelon produced $19.2B of operating revenue and $0.9B of operating gain in Q2 2026.
The 2004 WellPoint combination, Amerigroup (2012, about $4.9B), WellCare (2020), Beacon Health Options (2020), BioPlus (2023), Kroger Specialty Pharmacy (2024) and CareBridge (reported at about $2.7B).
To become a national Medicaid managed-care company.
Behavioral health management, now part of Carelon Behavioral Health.
To add home- and community-based care management for Medicaid and dual-eligible members within Carelon.
The roughly $54B deal announced in 2015 was blocked by a federal court in 2017 on antitrust grounds.
Yes, in 2015, Anthem (now Elevance) launched a massive $54 billion hostile takeover of Cigna to create the largest insurer in America. However, the US Department of Justice aggressively sued to block it on antitrust grounds. The deal collapsed, leading to a massive, multi-year legal war between the two companies over a $1.8 billion breakup fee.
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