Cigna signed a definitive agreement to acquire Express Scripts for $67 billion in cash and stock, including assumption of $15 billion in Express Scripts debt.
Here are five things to know about the transaction.
1. Cigna CEO David Cordani will lead the combined company as president and CEO, upon regulatory and shareholder approval required to close the deal. Express Scripts President and CEO Tim Wentworth will become president of Express Scripts.
2. The entity will be named Cigna, with Cigna shareholders owning roughly 64 percent of the company and Express Scripts shareholders holding roughly 36 percent of the firm.
3. Cigna and Express Scripts anticipate the deal will close by the end of 2018.
4. The healthcare services industry is going through rapid change as a slew of giant companies propose deals, including CVS Health's $69 billion offer to buy Aetna.
5. The deal arrives after Express Scripts lost a major deal with Anthem last year when the insurer decided to launch its own pharmacy benefit manager instead of signing another deal with Express Scripts.
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