Anthem Inc. has agreed to acquire rival Cigna Corp. for $54 billion, creating the health insurance industry's biggest company by enrollment.
The agreement announced Friday caps weeks of frenzied dealmaking in the healthcare sector.
Aetna Inc. reached a $37-billion deal for Humana Inc. this month. And Woodland Hills insurer Health Net Inc. agreed to be acquired by Medicaid insurer Centene Corp. for $6.8 billion.
The melding of Anthem and Cigna would create a company with about $115 billion in annual revenue and 53 million members. That would make it the largest U.S. health insurer in terms of membership, ahead of industry leader UnitedHealth Group Inc.