When the deal closes later this year or early 2019, Cigna shareholders will own about 64 percent of the combined company, which will keep Cigna's name. Express Scripts shareholders will own about 36 percent.
Cordani will be CEO of the combined company. Tim Wentworth, president and CEO of Express Scripts, will be president and chief operating officer of Health Services.
Part of the Cigna-Express Scripts deal's price tag includes $15 billion of the St. Louis-based pharmacy company being assumed by Cigna.
Cigna last year terminated a merger agreement with Anthem Inc. after a federal judge, citing worries that market competition would be undermined, blocked the Indianapolis insurer's proposed $48 billion purchase.
Aetna,too, had been frustrated by a federal judge who killed the Hartford health insurer's proposed $37 billion purchase of Humana Inc.
Numerous deals, such as a joint venture between Hartford HealthCare and Tufts Health Plan announced last week, are being framed as attempts to deliver better, more efficient care at a lower cost.
Sponsored Video Stories from LifeZette
The Affordable Care Act also is forcing health insurers and others in the industry to consolidate in response to broader federal involvement in health care and uncertainty caused by revisions in the law by Congress.
Amazon, Berkshire Hathaway and JPMorgan Chase, looking to shake up the industry, announced in January they would launch a health plan for their employees.
(c)2018 The Hartford Courant (Hartford, Conn.)
Visit The Hartford Courant (Hartford, Conn.) at www.courant.com
Distributed by Tribune Content Agency, LLC.