Cigna announced the acquisition of Express Scripts, an American Pharmacy Benefit Management company for a total of $67 Billion, including Express Scripts’ approximately $15 Billion debt. Cigna aims to strengthen its customer service management through the acquisition of Express Scripts.
The acquisition has been approved by the board of directors for both companies. The transaction will be paid in cash and shares. Upon closing of transaction, Tim Wentworth will be appointed President of Express Scripts, and the combined company will be led by David M. Cordani as President and CEO.
David M. Cordani, President and Chief Executive Officer of Cigna comments:
“Cigna’s acquisition of Express Scripts brings together two complementary customer-centric services companies, well-positioned to drive greater quality and affordability for customers. This combination accelerates Cigna’s enterprise mission of improving the health, well-being and sense of security of those we serve, and in turn, expanding the breadth of services for our customers, partners, clients, health plans and communities. Together, we will create an expanded portfolio of health services, delivering greater consumer choice, closer alignment between the customer and health care provider, and more personalized value. This combination will create significant benefits to society and differentiated shareholder value.”
Read more about this acquisition in their full press release here.