BLOOMFIELD, Conn. (AP) — Managed care company Cigna Corp. said Monday it received antitrust approval to purchase fellow insurer HealthSpring Inc.
The deal is expected to close during the first half of 2012 and is still subject to certain other closing conditions, including approval by HealthSpring shareholders and state regulatory approvals.
Bloomfield, Conn.-based Cigna said last month that it would buy HealthSpring for about $3.8 billion to build its Medicare Advantage business. Medicare Advantage plans are privately run versions of the government's Medicare insurance program for the elderly and disabled.
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Cigna has about 45,000 Medicare Advantage customers, while Nashville, Tenn.-based HealthSpring has about 340,000 and another 800,000 Medicare prescription drug plan members.
In morning trading, Cigna shares rose 5 cents to $42.14, while HealthSpring shares fell 9 cents to $54.56.
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