New York Life to Buy Cigna's Life and Disability Insurance Business for $6.3 Billion

Date : 12/18/2019 @ 1:54PM
Source : Dow Jones News
Stock : Cigna Corporation (CI)
Quote : 182.94  1.01 (0.56%) @ 1:00AM
Cigna share price Chart
After Hours
Last Trade
Last $ 182.94 ◊ 0.00 (0.00%)

New York Life to Buy Cigna's Life and Disability Insurance Business for $6.3 Billion

Cigna (NYSE:CI)
Historical Stock Chart

3 Months : From Nov 2019 to Feb 2020

Click Here for more Cigna Charts.
By Dave Sebastian 

New York Life Insurance Co. said Wednesday it has agreed to buy Cigna Corp.'s life and disability insurance business for $6.3 billion in cash.

Cigna said the transaction would likely be neutral to its per-share earnings in 2020 and could add to its earnings in 2021.

Cigna said it expects to realize about $5.3 billion of net after-tax proceeds from the transaction and to use them for share repurchases and debt repayment in 2020. Cigna's board has increased the company's share repurchase authority by $3 billion to $4 billion, it said.

The transaction is expected to close in the third quarter of 2020.

Write to Dave Sebastian at dave.sebastian@wsj.com

 

(END) Dow Jones Newswires

December 18, 2019 08:39 ET (13:39 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

Latest CI Messages

{{bbMessage.M_Alias}} {{bbMessage.MSG_Date}} {{bbMessage.HowLongAgo}} {{bbMessage.MSG_ID}} {{bbMessage.MSG_Subject}}

Loading Messages....


No posts yet, be the first! No {{symbol}} Message Board. Create One! See More Posts on {{symbol}} Message Board See More Message Board Posts
Your Recent History
LSE
GKP
Gulf Keyst..
LSE
QPP
Quindell
FTSE
UKX
FTSE 100
LSE
IOF
Iofina
FX
GBPUSD
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.

NYSE, AMEX, and ASX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V:us D:20200229 05:08:36