In the first moves of some of the nation’s largest healthcare providers, Aetna (AET) will acquire Humana (HUM) for $37 billion in cash and stock, as released on Friday. The accretive acquisition does not come as a shock after the Supreme Court’s upholding of the Affordable Care Act in late June.

Aetna will pay $230 a share to takeover Humana, a 29% premium over the current market price of $190 per share. Aetna is valuing the synergies associated with the acquisition at $1.25 billion in 2018, putting the annual combined operating revenue at over $115 billion and reaching more than 33 million customers. Aetna views the acquisition as a means of strengthening its foothold in the consumer healthcare market. The company believes that it will be able to improve quality and convenience for consumers, all at a lower cost.

Since the announcement, Aetna stock has experienced a harsh sell off. Prices have dropped to $117 a share as of Monday morning, a decrease of nearly 7% in one day. Conversely, Humana has experienced an increase in price to $193 a share, an increase of 2.7% on the day.

Looking forward, things could get interesting for the healthcare market. Now, all eyes have turned to Cigna and Anthem as the next M&A consolidation in the industry. Taking a look at Cigna’s (CI) historical earnings, Wall Street has consistently sandbagged expectations, allowing for an interesting delta around earnings actual. Below is a glimpse into Cigna’s historical releases.

This recent acquisition could pave to way to others in the industry. Pay close attention to the earnings reports of these companies as consolidation continues to occur.