Cigna shareholders have approved the proposed $52 billion merger agreement with pharmacy benefit company Express Scripts.
The insurer announced in March 2018 that it is acquiring Express Scripts in a cash and stock transaction of approximately $67 billion. The deal includes Cigna's assumption of approximately $15 billion in Express Scripts debt.
“We are delighted that our fellow Cigna shareholders support our merger with Express Scripts in recognition of the combination’s significant value creation potential,” said David Cordani, president and chief executive officer of Cigna. “Together with Express Scripts, Cigna will further accelerate our strategy of Go Deeper, Go Local and Go Beyond by improving affordability and choice, expanding our distribution reach, and further strengthening predictability for customers, clients, partners and communities - all while maintaining significant financial flexibility and delivering attractive returns for our shareholders.”
“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. As a result, we will build more effective partnerships, further improve health outcomes and deliver a superior customer experience,” Cordani added.
The transaction is expected to close by year-end 2018, subject to regulatory approvals.
Cigna, Express Scripts, M&A, David Cordani, US