- Evernorth, the health services unit of Cigna (CI +0.4%) has entered into an agreement to acquire MDLIVE, a privately held, virtual care delivery platform with which the insurer had a long-term collaboration.
- Cigna's investment arm Cigna Ventures was a leading investor at MDLIVE which has raised $174M in funding since its launch in 2019.
- Subject to regulatory approvals and customary closing conditions, the deal is expected to close in Q2 2020, and Cigna projects at least $20.00 earnings per share in 2021 inclusive of the impact of the acquisition.
- Recently, Eric Palmer was appointed as president & COO of Evernorth.