HARTFORD -- Aetna and Humana have mutually ended their merger agreement following a ruling from the United States District Court for the District of Columbia granting a United States Department of Justice request to enjoin the merger, according to a statement released by Aetna Tuesday morning.
“While we continue to believe that a combined company would create greater value for health care consumers through improved affordability and quality, the current environment makes it too challenging to continue pursuing the transaction,” said Aetna chairman and CEO Mark T. Bertolini said in the statement. “We are disappointed to take this course of action after 19 months of planning, but both companies need to move forward with their respective strategies in order to continue to meet member expectations. Our mutual respect for our companies’ capabilities has grown throughout this process, and we remain committed to a shared goal of helping drive the shift to a consumer-centric health care system.”
Aetna said it will pay Humana $1 billion as a result of the termination of the merger agreement and that it has terminated its previously announced agreement to sell certain Medicare Advantage assets to Molina Healthcare, Inc. and will pay the applicable fees associated with that termination.
“On behalf of Aetna, I would like to thank everyone involved in the transaction for their commitment to improving how health care is delivered,” Bertolini said.