The health care insurance industry's consolidation rush is accelerating with insurance giant Anthem's deal to acquire Cigna in a transaction valued at $54.2 billion.
Anthem on Friday confirmed that it has reached a deal to buy Cigna, creating a mammoth for-profit insurer with annual revenues of more than $115 billion and more than 53 million insured patients.
Together, the insurers represent about 17% of the U.S. population.
Their tieup follows weeks of intense negotiations, with Cigna at one point publicly rejecting Anthem's entree.
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