March 8, 2018 / 11:16 AM / 7 months ago

BRIEF-Cigna To Acquire Express Scripts For $67 Billion

March 8 (Reuters) - Express Scripts Holding Co:

* CIGNA TO ACQUIRE EXPRESS SCRIPTS FOR $67 BILLION

* EXPRESS SCRIPTS - MERGER CONSIDERATION WILL CONSIST OF $48.75 IN CASH AND 0.2434 SHARES OF STOCK OF COMBINED COMPANY PER EXPRESS SCRIPTS SHARE

* EXPRESS SCRIPTS HOLDING CO - TRANSACTION WAS APPROVED BY BOARD OF DIRECTORS OF EACH COMPANY

* EXPRESS SCRIPTS - CIGNA INTENDS TO FUND CASH PORTION OF DEAL THROUGH A COMBINATION OF CASH ON HAND, ASSUMED EXPRESS SCRIPTS DEBT AND NEW DEBT ISSUANCE

* EXPRESS SCRIPTS - CIGNA HAS OBTAINED FULLY COMMITTED DEBT FINANCING FROM MORGAN STANLEY SENIOR FUNDING, INC. AND BANK OF TOKYO-MITSUBISHI UFJ, LTD

* EXPRESS SCRIPTS HOLDING CO - TRANSACTION CONSIDERATION OF $54 BILLION IN AGGREGATE

* EXPRESS SCRIPTS HOLDING CO - UPON CLOSING, COMBINED COMPANY WILL BE LED BY DAVID M. CORDANI AS PRESIDENT AND CEO

* EXPRESS SCRIPTS HOLDING CO - TIM WENTWORTH WILL ASSUME ROLE OF PRESIDENT, EXPRESS SCRIPTS

* EXPRESS SCRIPTS HOLDING CO - DEAL VALUE INCLUDES CIGNA’S ASSUMPTION OF APPROXIMATELY $15 BILLION IN EXPRESS SCRIPTS DEBT

* EXPRESS SCRIPTS HOLDING CO - TRANSACTION IS NOT SUBJECT TO A FINANCING CONDITION

* EXPRESS SCRIPTS HOLDING CO - UPON COMPLETION OF TRANSACTION, CIGNA IS EXPECTED TO HAVE DEBT OF APPROXIMATELY $41.1 BILLION

* EXPRESS SCRIPTS - COMBINED CO’S BOARD WILL BE EXPANDED TO 13 DIRECTORS, INCLUDING FOUR INDEPENDENT MEMBERS OF EXPRESS SCRIPTS BOARD

* EXPRESS SCRIPTS HOLDING CO - COMBINED COMPANY WILL BE NAMED CIGNA

* EXPRESS SCRIPTS HOLDING CO - UPON CLOSING OF TRANSACTION, CIGNA SHAREHOLDERS WILL OWN APPROXIMATELY 64% OF COMBINED COMPANY

* EXPRESS SCRIPTS HOLDING CO - CIGNA EXPECTS TO HAVE A DEBT-TO-CAPITALIZATION RATIO OF ABOUT 49% FOLLOWING ACQUISITION

* EXPRESS SCRIPTS HOLDING CO - UPON CLOSING OF TRANSACTION, CO’S SHAREHOLDERS WILL OWN APPROXIMATELY 36% OF COMBINED COMPANY

* EXPRESS SCRIPTS HOLDING CO - CIGNA AIMS TO ACHIEVE DEBT-TO-CAPITALIZATION RATIO IN 30’S WITHIN 18 TO 24 MONTHS AFTER TRANSACTION CLOSES

* EXPRESS SCRIPTS HOLDING CO - DEAL DELIVERS FIRST YEAR DOUBLE DIGIT EARNINGS PER SHARE ACCRETION

* EXPRESS SCRIPTS - CIGNA’S HEADQUARTERS IN BLOOMFIELD, CONNECTICUT, TO BECOME HEADQUARTERS FOR COMBINED CO

* EXPRESS SCRIPTS HOLDING CO - MORGAN STANLEY & CO. LLC IS ACTING AS SOLE FINANCIAL ADVISOR & “PROVIDED A FAIRNESS OPINION” TO CIGNA BOARD

* EXPRESS SCRIPTS HOLDING CO - CENTERVIEW PARTNERS LLC AND LAZARD FRÈRES & CO. LLC ARE ACTING AS FINANCIAL ADVISORS TO EXPRESS SCRIPTS Source text for Eikon: Further company coverage:

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