anthem cigna
The office building of health insurer Anthem is seen in Newbury Park, California, Feb. 5, 2015. Reuters/Gus Ruelas

Anthem Inc said on Friday it would buy Cigna Corp in a deal valued at $54.2 billion, creating the largest U.S. health insurer.

Cigna shareholders will get $103.40 per share in cash and 0.5152 Anthem shares.

The deal comes three weeks after Aetna Inc struck a deal to buy Humana Inc for $37 billion and is part of an industry-wide consolidation of the health insurance industry following the roll-out of the Obama government's healthcare reform law.

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