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Health insurer Cigna to buy Express Scripts for about $54 billion


(Reuters) - U.S. health insurer Cigna Corp said on Thursday it would buy pharmacy benefits manager Express Scripts Holding Co for about $54 billion, the latest deal in the sector aimed at cutting soaring healthcare costs.Cigna's offer consists of $48.75 in cash and 0.2434 shares of stock of the combined company for each Express Scripts share, amounting to $96.03 per share, representing a premium of nearly 31 percent to Express Scripts' Wednesday closing price.Express Scripts shares were up 18.5 percent at $87.00, while Cigna shares were down 5 percent at $184.50.The transaction is valued at ...

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First Published: Thu, March 08 2018. 17:04 IST