The Cigna Group (NYSE:CI) has ended its attempt to negotiate an acquisition of rival Humana Inc. (NYSE:HUM), after the pair failed to agree on price, two sources familiar with the situation said on December 10, 2023, as the company announced plans to buy back $10 billion worth of shares. A Cigna-Humana combination would have created a company with a value exceeding $140 billion, based on their market values, but was certain to attract fierce antitrust scrutiny. The discussions came six years after regulators blocked mega-deals that would have consolidated the U.S. health insurance sector.

The deal talks ended due to the parties not being able to agree on price, two sources familiar with the situation said. There remains the possibility of a tie-up in the future, those sources said. Cordani said the company would consider bolt-on acquisitions aligned with its strategy as well as "value-enhancing divestitures".

Cigna is still exploring the sale of its Medicare Advantage business, which manages government health insurance for people aged 65 and older, the sources said. That move would mark a reversal of its expansion in the sector. Humana declined to comment, while Cigna did not respond to a Reuters request for comment on the deal talks, which was earlier reported by the Wall Street Journal.