Cigna Mergers and Acquisitions Summary

Healthcare Services Company

Cigna has acquired 15 companies of its own, including 3 in the last 5 years. A total of 4 acquisitions came from private equity firms. It has also divested 1 asset.

Cigna’s largest acquisition to date was in 2018, when it acquired Express Scripts Holding for $67.0B. It’s largest disclosed sale occurred in 2019, when it sold Cigna - Group Life and Disability Insurance Business to New York Life Insurance Company for $6.3B. Cigna has acquired in 10 different US states, and 4 countries. The Company’s most targeted sectors include insurance (43%) and healthcare services (36%).

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M&A Summary

  • M&A Total Activity15
    • M&A Buy Activity14
    • M&A Sell Activity1
  • Total Sectors Invested 4
  • Total Countries Invested 4
  • M&A Buy/Sell Connections 8
  • M&A Advisors 7

Cigna Corp.

900 Cottage Grove Road,
Bloomfield, Connecticut 06002
United States,
(860) 226-6000
www.cigna.com

Cigna Corp. is a health services organization. Its insurance subsidiaries are major providers of medical, dental, disability, life and accident insurance. Cigna dates back to 1792 and is based in Bloomfield, Connecticut.


M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (0.6/yr) # 11 - 2 1 - - 14
vol $5.7B $67.0B $72.7B
Sell (0.2/yr) # - - - - 1 - 1
vol $6.3B $6.3B
  15

Most Recent M&A

Company Date Value Type
Cigna Corp. - Group Life and Disability Insurance Business 2019-12-18 6.3B USD Divestiture
Bloomfield, Connecticut
Express Scripts Holding Co. 2018-03-08 67.0B USD Add-on Acquisition
St. Louis, Missouri · www.express-scripts.com
Brighter, Inc. 2017-12-14 - Add-on Acquisition
Santa Monica, California · www.brighter.com
Zurich Insurance Middle East SAL 2017-07-11 - Add-on Acquisition
Beirut, Lebanon · www.zurich.ae
QualCare Alliance Networks, Inc. 2015-01-26 - Add-on Acquisition
, New Jersey
Home Physicians Management LLC (dba Alegis Care) 2013-09-03 - Add-on Acquisition
Chicago, Illinois · www.alegiscare.com
Great American Supplemental Benefits Group 2012-05-10 305M USD Divestiture
Austin, Texas · www.gasbinsurance.com
HealthSpring, Inc. 2011-10-24 3.8B USD Add-on Acquisition
Franklin, Tennessee · www.myhealthspring.com
Firstassist Insurance Services Ltd. 2011-09-27 109M GBP Add-on Acquisition
Sutton, United Kingdom · www.firstassistinsurance.co.uk
Vanbreda International BVBA 2010-08-31 - Add-on Acquisition
Antwerp, Belgium · www.vanbreda-international.com
View All >>

Business Unit M&A

Company Acquired Add-On/Sale Date #
Express Scripts Holding Co. 2018-03-08 Verity Solutions Group, Inc. 2019-10-02 1
St. Louis, Missouri · www.express-scripts.com Kirkland, Washington · www.verity340b.com
HealthSpring, Inc.    - Leon Medical Centers Health Plans, Inc. 2007-08-09 1
Franklin, Tennessee · www.myhealthspring.com Miami, Florida · www.lmchealthplans.com

M&A by Sector

Sector Buy # Value Sell # Value
Insurance 6 (43%) 1.9B (3%) 1 (100%) 6.3B (100%)
Healthcare Services 5 (36%) 70.8B (97%) - -
Internet Software and Services 2 (14%) - - -
Business Services 1 (7%) - - -
Total 14 $72.7B 1 $6.3B

By Geo

State/Country Buy Value Sell Value
United States 10 72.6B 1 6.3B
  Texas 1 305M - -
  Tennessee 1 3.8B - -
  New Jersey 1 - - -
  New Hampshire 1 - - -
  Missouri 1 67.0B - -
  Indiana 1 - - -
  Illinois 1 - - -
  Colorado 1 1.5B - -
  California 1 - - -
  Arizona 1 - - -
  Connecticut - - 1 6.3B
United Kingdom 2 109M - -
Belgium 1 - - -
Lebanon 1 - - -
Domestic 10 (71%) 72.6B (100%) 1 (100%) 6.3B (100%)
Cross-border 4 (29%) 109M (< 1%) - -
Total 14 $72.7B 1 $6.3B

Top M&A Advisors

Financial Deals
Bank of America Merrill Lynch
2
Morgan Stanley
1
UBS Investment Bank
1
Legal Deals
Wachtell, Lipton, Rosen & Katz LLP
2
Paul, Weiss, Rifkind, Wharton & Garrison LLP
2
Skadden, Arps, Slate, Meagher & Flom LLP
1

Deal Values

buy # Total
> $1B 3 $72.3B
$100M to $1B 2 $414M
TOTAL $72.7B
Largest Express Scripts Holding Co.
$67.0B (2018-03-08)
sell # Total
> $1B 1 $6.3B
TOTAL $6.3B
Largest Cigna Corp. - Group Life and Disability Insurance Business
$6.3B (2019-12-18)

M&A Connections

Deals %
Acquired from
PE Firm(s)
57%
4 57%
Strategic(s)
43%
3 43%
Divested to
Strategic(s)
100%
1 100%

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