Anthem to buy Cigna for $54 billion

Anthem will buy Cigna for $54.2 billion, the insurer announced on Friday, in a deal that will reduce the former “Big Five” private health insurers to just three. Aetna has already announced a $37 billion deal to acquire Humana. If both deals are approved, Anthem, Aetna and UnitedHealthcare would stand as the largest insurers in the United States. The new deal would also eclipse Aetna’s merger as the biggest ever health insurance takeover. Anthem CEO Joseph Swedish will serve as CEO of the combined company while Cigna CEO David Cordani will become chief operating officer.