Anthem Blue Cross and Blue Shield’s parent company announced that it has entered into a definitive agreement with Cigna Corporation, under which Anthem’s parent company will acquire Cigna in a cash and stock transaction.

“We are very pleased to announce an agreement that will deliver meaningful value to consumers and shareholders through expanded provider collaboration, enhanced affordability and cost of care management capabilities, and superior innovations that deliver a high quality health care experience for consumers. We believe that this transaction will allow us to enhance our competitive position and be better positioned to apply the insights and access of a broad network and dedicated local presence to the health care challenges of the increasingly diverse markets, membership, and communities we serve. The Cigna team has built a set of capabilities that greatly complement our own offerings and the combined company will have a competitive presence across commercial, government, international and specialty segments. These expanded capabilities will enable us to better serve our customers as their health care needs evolve,” said Joseph Swedish, President and Chief Executive Officer of Anthem.

The transaction is expected to close in the second half of 2016. NEEBCo will outreach to clients as more details emerge regarding the impact of this acquisition to covered members and the industry.

For the press release, click here. Additional materials regarding the transaction are available at www.betterhealthcaretogether.com.