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Cigna closes deal for Express Scripts

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Cigna closes deal for Express Scripts

Cigna Corp. has completed its previously announced acquisition of Express Scripts Holding Co.

Shares of Cigna and Express Scripts ceased trading on the New York Stock Exchange and NASDAQ, respectively, on Dec. 20. Starting on Dec. 21, shares of the new combined Cigna business will start trading on the NYSE under the company's existing ticker symbol.

Following the transaction, former Cigna stockholders own about 64% and former Express Scripts stockholders own about 36% of the shares of the combined entity.

Cigna expects 2021 adjusted income from operations per share to be in the range of $20 to $21. The company will provide full-year 2019 guidance on its next earnings call.

Morgan Stanley & Co. LLC served as the sole financial adviser to Cigna. Wachtell Lipton Rosen & Katz served as legal counsel and Paul Weiss Rifkind Wharton & Garrison LLP and Sidley Austin LLP acted as regulatory counsel to Cigna.

Centerview Partners LLC and Lazard Frères & Co. LLC were Express Scripts' financial advisers, with Skadden Arps Slate Meagher & Flom LLP serving as legal counsel and Holland & Knight LLP acting as regulatory counsel.