Cigna Calls Off Humana Pursuit, Plans Big Stock Buyback

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Health-insurance providers couldn’t agree on financial terms for deal that would have created $140 billion giant

Updated Dec. 10, 2023 4:47 pm ET

Cigna Group abandoned its pursuit of a tie-up with Humana after shareholders balked at a deal that would have created a roughly $140 billion giant in the health-insurance industry.

The companies couldn’t come to agreement on price and other financial terms, according to people familiar with the matter. In the near term, Cigna is turning its focus toward smaller, so-called bolt-on, acquisitions.

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