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November 30, 2023

Report: Bloomfield-based Cigna in ‘blockbuster’ merger talks

Photo | CoStar Cigna headquarters in Bloomfield.

One of Greater Hartford's largest employers is in talks with a competitor about a potential “blockbuster merger,” according to the Wall Street Journal.

Bloomfield-based Cigna and Louisville, Kentucky-based Humana are discussing a stock-and-cash deal that could be finalized by the end of the year, the Wall Street Journal reported Thursday, citing unnamed sources familiar with the matter.

The structure and terms of the potential deal are unknown, but it would create a company with a combined market value of $140 billion, WSJ reported. 

Key to the strategy behind the deal, WSJ said, is that it would give both companies the scale needed to better compete with rivals UnitedHealth Group and CVS Health.

According to the WSJ, Cigna, which had revenue of about $181 billion last year, would combine its large pharmacy-benefit and commercial insurance businesses with Humana’s strong position in the fast-growing Medicare segment.

The two companies had previously explored a merger in 2015, but a deal never came to fruition.

Cigna relocated its headquarters from Philadelphia to Bloomfield in 2011 as part of a $50 million incentives package from the state of Connecticut, under former Gov. Dannel P. Malloy. 

The company promised to add 200 new jobs in Bloomfield, where it already had a significant presence, in exchange for the state funding. 

Cigna employed more than 4,500 people in Connecticut as of 2020, according to the Hartford Business Journal’s Book of Lists.   

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