The Cigna Group (NYSE: CI) said on Monday that it is officially not pursuing a combination with Humana Inc. (NYSE: HUM).
That means that CenterWell Home Health, one of the largest home health entities in the country, will not be changing hands. Together, Cigna and Humana would have become one of the largest health care companies in the country, with a behemoth insurance arm and an array of health care service capabilities under one umbrella.
“The Cigna Group expects to communicate that the company is not pursuing a combination with Humana Inc,” the company wrote in a press release Monday. “The Cigna Group remains committed to its established M&A criteria and would only consider acquisitions that are strategically aligned, financially attractive and have a high probability to close.”
Cigna and Humana have reportedly discussed a merger on multiple occasions. Rumors have swirled around a potential combination twice over the past year.
In October, Bloomberg reported that the companies had again engaged in talks. Now, the possibility of a deal appears to be off the table.
Cigna stock was up over 7% at market close on Monday.
Humana has dealt with its own issues of late. The company has sued The Department for Health and Human Services (HHS) over a drop in some of its Medicare Advantage (MA) plan star ratings, while also looking to enable value-based care across its insurance and provider services arms.
CenterWell Home Health, specifically, is looking to treat 80,000 patients under a value-based care model in the near-term future.