The Cigna Group headquarters in Bloomfield, Connecticut, US, on Friday, Oct. 27, 2023.
BlooJoe Buglewicz | Bloomberg | Getty Images
Shares of Cigna slid on Wednesday after a report that the company is in talks with Humana about a merger between the two health care giants.
Spokespeople for Cigna and Humana did not immediately respond to requests for comment on the report from the Wall Street Journal, which cited people familiar with the matter.
The companies are discussing a stock-and-cash deal that could be finalized by the end of this year, the people told the Journal.
A merger would be a mega deal. Cigna’s market value sat at roughly $80 billion on Wednesday and Humana’s was around $63 billion, making them two of the nation’s largest health insurers.
Shares of Cigna fell more than 2% on Wednesday, while Humana’s stock was relatively flat.
The rumored deal comes after reports earlier this month that Cigna was exploring a sale of its Medicare Advantage business, which manages government health insurance for people aged 65 and older.
This is breaking news. Please check back for updates.