July 24, 2015 - Anthem, Inc. and Cigna Corporation today announced that they have entered into a definitive agreement whereby Anthem will acquire all outstanding shares of Cigna in a cash and stock transaction and Cigna shareholders will receive $103.40 in cash and 0.5152 Anthem common shares for each Cigna common share. The total per share consideration equates to approximately $188 for each Cigna share based on Anthem's unaffected closing share price on May 28, 2015, valuing the transaction at approximately $54.2 billion on an enterprise basis. Cravath, Swaine & Moore LLP is representing Cigna in connection with this transaction.

The Cravath team is being led by partners Erik R. Tavzel and Aaron M. Gruber and includes associates Michael E. Mariani, Jennifer Uren and David J. Benhamou (M&A); partner Stephen L. Gordon and associates Kara L. Mungovan and Ashley N. Elnicki (tax); partner Eric W. Hilfers and associates Matthew Cantor and Amy C. Benford (executive compensation and benefits); partner David J. Kappos and associate Nicholas A. Jackson (intellectual property); partner Matthew Morreale (environmental); and practice area attorney Gary R. Eisenman (real estate). Summer associate Nino Christopher C. Yu Tiamco also worked on M&A matters.