UPDATED: Peter Majeda's Genex Holdings Inc., Wayne, says it's buying the workers' compensation management unit of Cigna's competing Intracorp (International Rehabilitation Associates) division.
"We're straight competitors," but it's a diverse market, with both national and local players, says Genex spokesman Stan Jakubowski.
Cigna is acquiring a minority stake in Genex in the stock deal, which won't have a material impact on earnings, Cigna spokeswoman Amy Turkington told me. Genex is controlled by Stonepoint Capital, a Connecticut investment firm.
The move adds 900 Cigna workers, including around 110 in Center City and Blue Bell, to Genex's staff of 2,000, though some headquarters workers will likely lose their jobs. Majeda will run the combined company. More here.
Both companies manage employee benefit programs for midsized and large corporations.