Cigna Corp. has announced it will acquire Express Scripts Holding Co. in a transaction valued at approximately $67 billion.

This is the latest major transaction which reflects the ongoing evolution of unique payer-provider partnerships. We have previously noted that similar unique transactions, such as the 2017 acquisition of Surgical Care Affiliates by UnitedHealth Group’s health services arm Optum, show the ongoing interest in such partnerships.

For private equity investors, these transactions may present opportunities, such as new exits and unique, joint-venture projects with new players. They may also present challenges as payers become more of a competitor for attractive deals.