Cigna Agrees To Buy HealthSpring For $3.8 Billion

0 Shares

NEW YORK, Oct. 24 (UPI) — U.S. insurance company Cigna Corp. said it agreed to buy HealthSpring Inc. of Nashville for $3.8 billion.

HealthSpring’s strength is in the Medicare Advantage program in which Medicare is provided through private firms rather than the government, The Wall Street Journal said.

The firm has 340,000 Medicare Advantage members and 800,000 participants in its stand-alone Medicare prescription drug plan.

Cigna, based in Bloomfield, Conn., said it would raise 20 percent of the funds required to complete the deal through a release of new equity shares.

UPI - United Press International, Inc.

Since 1907, United Press International (UPI) has been a leading provider of critical information to media outlets, businesses, governments and researchers worldwide.

Join the Discussion

Comment Policy: We encourage an open discussion with a wide range of viewpoints, even extreme ones, but we will not tolerate racism, profanity or slanderous comments toward the author(s) or comment participants. Make your case passionately, but civilly. Please don't stoop to name calling. We use filters for spam protection. If your comment does not appear, it is likely because it violates the above policy or contains links or language typical of spam. We reserve the right to remove comments at our discretion.