Aetna has entered into an agreement with Coventry Health Care to acquire the company in a transaction valued at $7.3 billion.

The acquisition of the Bethesda, Md.-based managed care company is projected to add more than 5 million individuals, including 1.5 million Medicare Part D members, to the Hartford, Conn.-based health insurer’s membership. It also is expected to increase Aetna’s share of revenues from government business from 23 percent to more than 30 percent.

“Coventry has distinct capabilities and a local market focus that will accelerate our efforts to bring simpler, more affordable products to consumer insurance exchanges in 2014 and beyond,” said Aetna's CEO Mark T. Bertolini, MBA, in an Aug. 20 statement.

The transaction is subject to Coventry stockholder approval and is expected to be completed in 2013.