(Bloomberg) – Aetna Inc. agreed to buy Humana Inc., the second-largest provider of private Medicare insurance, for $37 billion in cash and stock to broaden its health care coverage.

The transaction values Humana at $230 a share based on Thursday’s closing price for Hartford, Conn.-based Aetna, the companies said in a statement Friday. That’s 23% above Louisville, Ky.-based Humana’s last close.

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