Cigna Buys HealthSpring For $3.8B With Davis Polk Help

Law360, New York (October 24, 2011, 1:53 PM EDT) -- Health insurer Cigna Corp. struck a deal to buy HealthSpring Inc. for about $3.8 billion to boost its sales of Medicare plans to the elderly, the company announced Monday.

The acquisition will bolster Bloomfield, Conn.-based Cigna's offerings for seniors in the face of weak interest from potential younger customers, the buyer said. It hopes to capitalize on Nashville-based HealthSpring's strong roster of elderly citizens, including roughly 340,000 Medicare Advantage members and 800,000 Medicare prescription drug plan members, according to the company.

"HealthSpring is a great fit...
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