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

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

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