Cigna in $1.5 billion group health acquisition

Cigna Corp. has agreed to acquire the health-care division of Great-West Life & Annuity Insurance Co., the companies said.

Terms of the deal announced late Monday call for Philadelphia-based Cigna to pay about $1.5 billion in cash for Great-West Healthcare and to supply some $400 million of additional capital to support the acquired business.

"In Great-West Healthcare, Cigna is acquiring a well-run organization with a strong team and a reputation for quality service and innovation," said Edward Hanway, Cigna's chairman and chief executive, in a statement.

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- Posted: 2007-11-27 10:21:31

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