A team of attorneys from Loeb & Loeb LLP, led by partner Jason Lilien, represented the Catholic Dioceses of New York and nonprofit health insurer Fidelis Care in the $3.75 billion sale of substantially all of the assets of Fidelis Care to Centene Corporation, as well as the subsequent formation of the $3.2 billion Mother Cabrini Health Foundation. The sale closed on July 2, 2018, following a nine-month regulatory approval process.
The Fidelis transaction is the largest nonprofit asset sale in New York State history and its proceeds enabled the formation of the largest charitable foundation focused solely on New York. In addition to advising on the corporate aspects of the transaction, Loeb & Loeb led efforts to obtain regulatory approvals for the transaction and is advising on the structure, governance and activities of the new foundation.
Fidelis Care is the leading government health plan in New York State, supporting more than 1.7 million children and adults through a statewide network of nearly 70,000 providers. Following the closing, the entity will continue to operate in New York State under the Fidelis Care brand.
The Mother Cabrini Health Foundation will be centered on the health and welfare of poor and underserved individuals and families throughout New York State. The foundation will provide up to $150 million annually in grants to serve New Yorkers in need and will be steered by a board of health experts, business leaders and philanthropists.
In addition to Jason Lilien, the Loeb & Loeb team acting on behalf of both the Catholic Diocesan Bishops of New York State and Fidelis Care included attorneys Talia Metson, David Levine, Megan Stombock and Lloyd Rothenberg.