Express Scripts Inc will buy Medco Health Solutions Inc for $29.1 billion

Express Scripts offered 28 percent premium to Medco’s adjusted closing price on Wednesday paying $71.36 in cash and stock for one of the largest deals this year. Express Scripts will pay $28.80 in cash and 0.81 of its own shares for each Medco share.

The acquisition is expected to create synergy of about $1 billion in cost savings. Express Scripts shareholders are expected to own about 59 percent of the combined firm. Medco shareholders will own the rest.

“The cost and quality of health care is a great concern to all Americans,” said Express Scripts' chairman and chief executive, George Paz. “This is the right deal at the right time for the right reasons.”