Cigna shareholders approve $52B Express Scripts merger

Cigna shareholders voted Aug. 24 to approve the insurer's merger with Express Scripts, one of the largest pharmacy benefit managers in the U.S.

According to preliminary results, about 90 percent of the votes cast were in favor of the merger agreement, Cigna said. The final voting results will be filed with Securities and Exchange Commission.

"Our combined company will enhance Cigna's differentiated service-based model, fueled by actionable insights and analytics, to drive innovation and meaningful growth in a highly dynamic market environment," said David M. Cordani, president and CEO of Cigna. "As a result, we will build more effective partnerships, further improve health outcomes and deliver a superior customer experience."

The Department of Justice is still conducting an antitrust review of the transaction that is not expected to close until later this year, according to Reuters. Cigna expects the deal to close by the end of 2018.

In March 2018, Cigna agreed to acquire Express Scripts in a cash and stock transaction valued at about $67 billion, including Cigna's assumption of $15 billion in Express Scripts debt.

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