AXIOS January 3, 2024
Health insurance behemoth Cigna is reportedly in advanced talks to sell its Medicare Advantage business to Health Care Service Corp. for as much as $4 billion.
Why it matters: The move marks a reversal of the company’s expansion into the senior government health insurance sector and follows a failed December 2023 attempt to negotiate an acquisition of rival Humana.
Details: After running an auction for the unit, Cigna (NYSE: CI) is now in exclusive talks to sell it to Health Care Service Corp. (HCSC) for between $3 billion and $4 billion, the WSJ reported Wednesday.
Zoom in: Chicago-based nonprofit health insurer HCSC is the parent company of Blue Cross Blue Shield plans in five states — including Illinois and Texas...
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