Anthem is buying Cigna for $48 billion as US health insurers begin devouring each other

Anthem has agreed to buy its smaller rival Cigna for $48.4 billion in cash and stock, a deal that would create the country’s biggest health insurance company. The $188 per share offer represents a 22% premium—a slightly sweetened offer from the one Cigna rejected last month.

The deal comes less than a month after Aetna announced an agreement to buy Humana for $37 billion. Should those deals get past regulators, the United States will go from five major national insurers to three, each...

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