Health insurer Cigna Corp. said it has agreed to buy Great-West Healthcare, Greenwood Village, Colo., for $1.5 billion in cash.
Cigna has signed a definitive agreement to acquire the company, a division of Great-West Life & Annuity. The transaction, which requires regulatory approvals and other closing conditions, is expected to close during the first half of next year, Cigna said in a statement.
Under the agreement, Cigna will also put about $400 million of additional capital toward supporting the acquired company.
Great-West Healthcare has 3,750 employees and serves 2.2 million people. Its network includes 4,275 hospitals and more than 575,000 doctors and other providers. -- by the Associated Press
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