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Cigna mulls selling Medicare Advantage business, says Reuters: 4 big deal reports

Investing.com — Here is your Pro Recap of 4 head-turning deal dispatches you may have missed last week: Cigna considers sale of Medicare Advantage business, Bill Holdings rumored to be considering the acquisition of Melio Payments, Kinder Morgan to acquire NextEra Energy Partner’s STX Midstream, and Palo Alto Networks to acquire Talon Cyber Security.

InvestingPro subscribers got this news first. Never miss another market-moving headline.

Cigna explores shedding Medicare Advantage business, says Reuters

Reuters, citing sources familiar with the matter, reported that Cigna (NYSE:CI) is considering selling its Medicare Advantage business. This division manages government health insurance for individuals aged 65 and older. Such a sale would represent a significant shift from Cigna's previous expansion in this sector.

The health insurer first entered the Medicare Advantage business in 2011 through the acquisition of HealthSpring for $3.8 billion. However, if the company were to sell its Medicare Advantage business, it would be taking a step away at the same time as the U.S. government tightens its purse strings in reimbursing health insurers for their services.

The report, citing sources, states the business could fetch several billions of dollars in a potential divestment. Reuters warned that the talks with interested parties, including other companies and private equity firms, are at an early stage, and Cigna could still decide to keep the business.

In response to these reports, a Cigna spokesperson stated that the company does not comment on rumors or speculation.

Bill Holdings' stock plummets on Melio Payments acquisition rumors

Shares of Bill Holdings (NYSE:BILL) experienced a significant intra-day drop on Thursday, plunging over 16% following a report by Bloomberg News suggesting that the company, known for its financial automation software, is in advanced talks to acquire digital payment tools provider Melio Payments.

However, the stock made a partial recovery and closed with a 9% loss after Bill Holdings issued a statement denying their involvement in any such acquisition discussions at the moment.

According to the report, the acquisition would be a mix of cash and stock, valuing Melio at approximately $1.95B — a stark contrast to its previous $4B valuation back in 2021, when it raised $250 million in an investment round led by Thrive Capital and General Catalyst.

Kinder Morgan to acquire NextEra Energy Partner’s STX Midstream for $1.815B

Kinder Morgan (NYSE:KMI) announced on Monday its agreement to purchase the South Texas assets of Nextera Energy Partners (NYSE:NEP), known as STX Midstream, for $1.815B.

The STX Midstream pipeline system includes a set of integrated, large-diameter high-pressure natural gas pipelines that connect the Eagle Ford basin to key growing Mexico and Gulf Coast demand markets.

“This is a very attractive acquisition for KMI,” said Sital Mody, KMI President of Natural Gas Pipelines. “STX Midstream nicely complements our existing assets and will enable us to capture incremental opportunities serving LNG, power generation, LDC customers and exports to Mexico.”

Palo Alto Networks confirms plans to acquire Talon Cyber Security

Palo Alto Networks (NASDAQ:PANW) announced that it has entered into a definitive agreement to acquire Talon Cyber Security, a pioneer of enterprise browser technology.

This announcement closely followed a report by The Information, which cited sources familiar with the matter, stating that the deal was nearing completion for an estimated $600-$700 million.

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