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PHILADELPHIA, November 26, 2007 - CIGNA (NYSE:CI) announced today that it has signed a definitive agreement to acquire Great-West Healthcare, the Healthcare Division of Great-West Life & Annuity, Inc. Under the terms of the agreement, CIGNA will pay approximately $1.5 billion in cash to Great-West Life & Annuity and to fund approximately $400 million of additional capital to support the acquired business. The transaction, subject to required regulatory approvals and customary closing conditions, is expected to close during the first half of 2008.
Headquartered in metro Denver, Colorado, Great-West Healthcare has 3,750 employees and currently serves 2.2 million covered lives, including approximately 1.5 million medical members in its employer segments. Great-West Healthcare’s national health care network consists of some 4,275 hospitals and more than 575,000 physicians and ancillary providers.
