Sloane & Co. is working as PR firm for New York Life as it announces an agreement to acquire Cigna’s group life and disability insurance business for $6.3 billion.
Cigna expects to realize approximately $5.3 billion of net after-tax proceeds from the transaction, which it intends to use for share repurchase and repayment of debt in 2020. Its group life and disability insurance business will now operate within New York Life’s portfolio of strategic businesses.
Working for Sloane on the deal were managing director Dan Zacchei; senior vice presidents Joe Germani, Ariel Kouvaras and Lauren Nussbaum; and senior associate Sarah Braunstein.
The acquisition is expected to close in the third quarter of 2020, subject to applicable regulatory approvals and other customary closing conditions.
Credit Suisse Group served as investment counsel on the deal and Debevoise & Plimpton LLP was outside counsel.