Cigna-Express Scripts Deal to Face Justice Department Review

Cigna Corp. confirmed that its proposed $54 billion acquisition of Express Scripts Holding Co. will be reviewed by the U.S. Department of Justice, which has raised the bar for approving deals that don’t combine direct competitors.

The health insurer has been telling investors since at least early April about the review, but hadn’t made a public statement until late Wednesday. Analysts at Credit Suisse sent an alert to clients on April 5, saying Cigna Chief Executive Officer David Cordani told investors during an event in Europe that the deal would be looked at by the Justice Department.