Cigna acquiring Express Scripts for $67 billion

Faced with a rapidly changing health care marketplace, St. Louis-based Express Scripts on Thursday accepted a $67 billion cash-and-stock offer from Cigna, a Connecticut-based health insurer.

Under the terms of the deal, the Express Scripts unit will remain in St. Louis County but the combined company’s headquarters will be in Bloomfield, Conn. The combined company’s name will be Cigna.

The companies said the combination will save $600 million due to administrative efficiencies.

Since its founding in 1986, Express Scripts has transformed itself from relatively unknown to a behemoth in the health care industry with $100 billion in annual revenue, employing 4,687 people in the region and 26,600 worldwide.

Following the announcement, regional leaders weighed in on the news, including St. Louis Economic Development Partnership CEO Sheila Sweeney, who noted that adding another Fortune 100 company to the list of companies operating in St. Louis “is a good thing.”

 

Read more: St. Louis Post-Dispatch


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