Indianapolis-based insurer Anthem Inc. had announced that it has received the Indiana Department of Insurance’s approval to close its acquisition of Cigna HealthCare of Indiana Inc.
With Indiana insurance commissioner Stephen W. Robertson’s approval of the acquisition, the deal has attained regulatory clearance in 12 states.
“We are pleased that the Indiana Department of Insurance has recognized the merits of our combination,” said Anthem chairman, president and chief executive officer Joseph Swedish. “This decision is evidence of the great work by our associates and our continued progress toward an anticipated completion of the transaction."
Both insurers entered into a definitive agreement July 23, 2015 that Anthem will acquire all of Cigna’s outstanding shares in a cash-and-stock transaction.
According to a statement by Anthem, the transaction has been approved by over 99% of each of both insurers’ shareholders.
The merger of both Anthem and Cigna would create a company with $115 billion in annual revenues, providing coverage to 53 million members.
Indiana Department of Insurance Approves Anthem’s Cigna Acquisition