Florida-based WellCare Health Plans buys Meridian for $2.5 billion

WellCare Health Plans Inc. has inked a $2.5 billion deal that will make the fast-growing managed health care company the largest Medicaid provider in Michigan and Illinois. The all-cash deal to buy Detroit-based health insurer Meridian and its pharmacy benefit manager MeridianRx was announced Tuesday. Wellcare is headquartered in Tampa, Florida. Last year, Florida Trend ranked WellCare the 8th largest in the state, with revenues of $14.2 billion. See the company announcement here. Also read more at the Tampa Bay Times, Reuters, and the Wall Street Journal.

Related, from Florida Trend:
» The 350 biggest companies in Florida

Florida Trend Editorial
The 2018 elections Florida deserves

There are plenty of wheels rolling and arrows flying in Florida at the moment. It’s an odd time — among the best of times for our state’s economy and in some ways the worst of times for its politics, in a year when we will choose Florida’s 46th governor. Read Mark Howard's full column here.

Hurricane Irma disaster loans deadlines for business in June

Low-interest loans are still available to small businesses and nonprofit groups that were affected by Hurricane Irma from Sept. 4 to Oct. 4, 2017. The deadline for loan applications is June 27, according to the U.S. Small Business Administration. [Source: South Florida Sun-Sentinel]

Florida No. 3 for highest credit card debt in the US

The New York state comptroller's office says the nation's four most-populated states carry the highest total amount of credit card debt, with California leading the way followed by Texas, Florida and New York. Floridians had racked up more than $59.2 billion in credit card debt by the end of 2017. More information here. Also read more at WPVT and the AP.

Florida city gave millions to Margaritaville: Who knew and who felt duped?

Margaritaville was a pivotal deal for Hollywood, but some who decided its fate now say they had no idea it required giving away millions in taxpayer money. Critics are asking how they could be so clueless, but the commissioners say they weren’t given the whole story. And they may be partly right. [Source: Orlando Sentinel]

ALSO AROUND FLORIDA:

› Consumer sentiment in Florida increases for the second month in a row [UF News]
Consumer sentiment among Floridians increased 2.6 points in May to 100.6 from a revised figure of 98 in April. These changes "indicate that opinions regarding the current economic conditions have worsened slightly among Floridians in May,” said Hector H. Sandoval, Director of the Economic Analysis Program at UF’s Bureau of Economic and Business Research.

› Profile of Miami as dominant global center [Miami Urban Future Initiative Report]
Miami ranks first among large U.S. metros for the share of its residents who are immigrants (41 percent of the population), placing the metro ahead of San Jose, L.A., and San Francisco, according to a new research brief from the FIU + CCG | Miami Urban Future Initiative (MUFI). Miami also ranks first among U.S. metros for the amount of cargo it transported internationally in 2016.

› Effects of Irma linger for Florida avocados [The Packer]
Florida avocado volume is expected to be significantly lower this season. "Hurricane Irma did a number on Florida avocados," said Mary Ostlund, director of marketing for Homestead, Fla.-based Brooks Tropicals. Florida's avocado industry is anticipating about 50% to 60% of what the production was estimated for last season before the hurricane.

› Home-sharing platform for gay men misterb&b to start paying Orange County taxes [Orlando Sentinel]
The Orange County Comptroller on June 1 will start to collect tourism-related taxes directly from home-sharing company misterb&b, marking the first such site other than industry giant Airbnb to enter into such a voluntary collection agreement.

Go to page 2 for more stories ...

› Sales-tax holiday helps Floridians brace for hurricane season [Orlando Sentinel]
With a sales-tax holiday starting next week, retailers are expecting big spending on disaster-preparedness supplies by Floridians who have fresh memories of last year’s Hurricane Irma. See the full list of items that will be tax-free during the holiday, here.

› Florida sees higher gas prices [Spectrum News]
For the millions of people who hit the roads for Memorial Day, they saw gas prices pushed near $3 a gallon. In Florida, it is at $2.90 for regular unleaded, up 60 cents from last year at this time.

› Rays move to Ybor City would put team within heart of region’s population, study shows [Tampa Bay Times]
When it comes to finding the sweet spot for a new major league ballpark, the number of people living within a 30-minute drive may hold the answer. It’s why Major League Baseball has insisted that new ballparks go in densely populated urban areas. It also helps explain all those empty seats at Tropicana Field.

› MegaCon Orlando 2018: Cosplay goes beyond adult dress-up [Orlando Sentinel]
Each year, thousands of fans flock to MegaCon Orlando at the Orange County Convention Center. The convention offers a visual feast of elaborate dress-up in the genres of comics, anime, horror and gaming. And some of those fans take it a step farther.