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Express Scripts completes merger with Medco Health

Express Scripts (ESRX) confirms that it has completed its previously announced $29.1B acquisition of Medco Health (MHS) today. Following consummation of the acquisition, each share of pre-closing Medco common stock was converted into the right to receive $28.80 in cash, without interest and 0.81 shares of common stock of the new Express Scripts, a holding company which will own 100% of each of the existing Express Scripts and Medco, and each share of the pre-closing Express Scripts common stock was converted into one share of new Express Scripts common stock. As previously announced, the company expects synergies of $1B once fully integrated, which represents approximately 1% of the combined company's costs. The transaction is expected to be slightly accretive to earnings per share in the first full year after closing and moderately accretive once fully integrated.