(Reuters) - Health Care Service Corp and Elevance Health are competing to acquire Cigna (NYSE:CI) Group’s business providing medical coverage to those aged 65 and over, Bloomberg reported on Friday, citing people with knowledge of the matter.
Cigna expects final bids for its Medicare Advantage business to be submitted next week, according to the report, with the business expected to fetch more than $3 billion.
The companies did not immediately respond to Reuters requests for comment.
Reuters had reported in November that Cigna was exploring a sale of the business. If it goes through, it would mark a reversal of the company's expansion in the sector.
The health insurer was reportedly earlier in talks to merge with Humana (NYSE:HUM), one of the top players in Medicare Advantage, but those discussions ended after the pair failed to agree on a price, according to multiple media reports.