This market has been desperate for mergers, with investors hanging on every word from embroiled tech giants Broadcom and Qualcomm.
"It did ignite the whole health care sector," the "Mad Money" host said, acknowledging that Cigna's stock went down on the news more than acquirer's stocks typically do.
Shares of Cigna sank more than 11 percent after the deal was announced because sellers either thought Cigna spent too much or that Express Scripts wouldn't make Cigna enough money, Cramer said.
"I think it's positive. I think Cigna's stock, as of today, [is a buy]," he argued, smashing his storied soundboard. "More important, the deal is good for the entire stock market."
But even with the loss, Cigna's management decided Express Scripts was worth buying for more than the stock's trading price, something Cramer took as a bullish sign.
"In other words, Wall Street may think that the stock of Express Scripts was overvalued coming into today's session, but Cigna believed it was undervalued, and you know what? I'll take Cigna's judgment over Wall Street's any day of the week," he said.
Better yet, Cramer predicted that this deal would positively affect more of the market than just the health care space.
"When you get a bonafide takeover from a real company, it makes you feel like the market has legitimate underpinnings, like these valuations aren't totally crazy and some businesses are actually worth more to other businesses," the "Mad Money" host said.
After over a month of volatility, spurred first by interest rate spikes and later by the resignation of Trump economic advisor Gary Cohn, the news came as a much-needed turn for Cramer.
"Today we got some new winners, which were sorely needed," he concluded. "We get a not-so-hot employment number tomorrow, not too hot, [and] we put the tariff talk behind us ... and we can mount a real rally that so few expect."
Disclosure: Cramer's charitable trust owns shares of Broadcom.