According to Modern Healthcare, Cigna’s proposed $67 billion takeover of Express Scripts Holding was voted on Friday for approval.
Cigna aims to acquire the No. 1 pharmacy benefit manager for $52 billion in cash and would assume $15 billion in Express Scripts’ debt. The combined Cigna-Express Scripts company would have $141.7 billion in revenue. Assuming state and federal regulators sign off, the deal is expected to be completed by year-end.
“Our combined company will enhance Cigna’s differentiated service-based model, fueled by actionable insights and analytics, to drive innovation and meaningful growth in a highly dynamic market environment. As a result, we will build more effective partnerships, further improve health outcomes and deliver a superior customer experience,” Cigna CEO David Cordani said in a statement.
About 90% of Cigna shareholders voted for the deal compared to around 80% of Express Scripts stockholders.