Great-West Lifeco has signed a definitive agreement to sell its healthcare business to a subsidiary of Cigna Corporation.
The transaction has an enterprise value of US$2.25 billion and is expected to close during the first half of 2008, subject to regulatory and certain other approvals.
“In the United States, Great-West Lifeco will now be entirely focused on broadening and expanding its financial services business,” says Raymond L. McFeetors, president and chief executive officer of Great-West Lifeco.
Great-West Healthcare provides a variety of medical, dental, vision, life and disability coverage to approximately 5,200 employer groups and 2.2 million members across the United States.
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