CVS Health is buying Aetna, the companies announced Sunday.
The pharmacy giant is acquiring the third largest US insurer in a $69 billion deal. Aetna stockholders will be paid $145 a share in cash and 0.8378 CVS shares per Aetna share.
The deal creates a new type of company that includes a health insurer, a retail pharmacy, and a company that negotiates prescription drug prices with drugmakers called a pharmacy benefits manager. It's the biggest merger to happen in the US in 2017.
"This is a natural evolution for both companies as they seek to put the consumer at the center of health care delivery," the companies said in a news release.
The timing of this massive acquisition is no coincidence. Speculation that Amazon might be getting into the pharmacy business has been rampant for months, and the company's notorious for stepping into new businesses and crushing the competition with low prices, fast delivery, and its massive network of loyal shoppers. (ontinueReading
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