“Over time, the group life and disability had become ‘non-core’ to Cigna and probably an overall drag on the company’s growth,” Steven Halper and Kyle Mikson, analysts at Cantor, said Wednesday in a note to clients. “We view the divestiture positively given the likely improvements in Cigna’s capital structure and modest accretion in 2021.”

Credit Suisse Group AG and Debevoise & Plimpton LLP advised New York Life, while Cigna worked with Bank of America Corp.; Sidley Austin LLP; Paul, Weiss, Rifkind, Wharton & Garrison LLP; and Wachtell, Lipton, Rosen & Katz.

This article was provided by Bloomberg News.

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