Cigna-Express Scripts merger delayed
The completion of the $67 billion merger between health insurer Cigna and Express Scripts has been delayed, according to a public filing. The deal was anticipated to close by December 8, but the companies have decided to delay that deadline by six months.
Both companies expect the transactions by the merger agreement will close in 2018, however, the filing states. Cigna has received approvals for a change of control of an insurer from all but three states––California, New York and New Jersey. Certain state insurance regulators have the authority to approve the change of control of an insurer.
The new merger deadline is June 8, 2018. The deal was approved by the Department of Justice in September.
The merger, which brings together a major pharmacy benefits manager and a health insurance and services provider, is one of the largest in the healthcare space. The cost of the transaction topped $200 million as of September.
Another significant merger, CVS Health’s $69 billion acquisition of Aetna, is expected to close Nov. 28.
Amy joined TriMed Media as a Senior Writer for HealthExec after covering home care for three years. When not writing about all things healthcare, she fulfills her lifelong dream of becoming a pirate by sailing in regattas and enjoying rum. Fun fact: she sailed 333 miles across Lake Michigan in the Chicago Yacht Club "Race to Mackinac."