Today’s issue of WorkCompRecap features the announcement from Cigna and Express Scripts that they have entered into a definitive agreement in which Cigna will acquire Express Scripts in a cash and stock transaction valued at approximately $67 billion.
The deal also includes Cigna’s assumption of approximately $15 billion in Express Scripts debt. Upon closing, the combined company will be led by David M. Cordani as President and CEO, and Tim Wentworth will assume the role of President, Express Scripts. The combined company’s board will be expanded to 13 directors, including four independent members of the Express Scripts board. Also of note is that at closing, the combined company will make an incremental investment of $200 million in its charitable foundation. The transaction is expected to be completed at the end of 2018.
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