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The Wall Street Journal: Magellan Health in talks to sell to private-equity firm Centerbridge

Managed-care provider Magellan Health Inc. is in exclusive talks for a possible sale to private-equity firm Centerbridge Partners LP, according to people familiar with the matter.

Centerbridge is hashing out a deal with Scottsdale, Ariz.-based Magellan MGLN, +7.30% and could reach an agreement next month, the people said. There’s no guarantee there will be a deal for Magellan, which was valued at $1.6 billion Wednesday morning. Its shares closed Wednesday at $70.56.

Should it strike a deal, Centerbridge may sell Magellan assets such as its pharmacy-benefit manager, which accounts for roughly one-third of revenue, the people said.

In addition to pharmacy benefits, Magellan manages behavioral-health coverage — for psychiatric and other care — for clients including health insurers.

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