Cigna to buy HealthSpring
Health insurer Cigna Corp. will buy HealthSpring Inc. for about $3.8 billion to jump-start its business selling Medicare plans for the elderly, Reuters reported. The move represents a significant diversification for Cigna, which has largely focused its U.S. health plans on businesses. The company said it would issue new equity to cover about 20 percent of the purchase price, with the rest funded by additional debt and cash. Cigna plans to buy HealthSpring for $55 a share, a 37 percent premium over the closing price last Friday, the companies said today in a statement.
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