Cigna Expects Acquisition of Express Scripts by End of 2018

On March 7, 2018, Cigna (CI) announced that it has entered into a definitive agreement to acquire Express Scripts (ESRX) for a total consideration of $67 billion, which includes $15 billion worth of the latter’s debt. The cash and stock transaction has been structured so every Express Script common share will be purchased for $48.75 in cash and 0.24 of Cigna’s common shares. Cigna has offered Express Scripts’ shareholders a premium of ~31% over Express Scripts’ closing price as of March 7, 2018.