AP – Drugstore operator CVS Health Corp said on Monday that it will buy home-health provider Signify Health for USD8 billion.
CVS said Signify has more than 10,000 employees including physicians and nurses, a presence in every state, and offers technology platforms.
“This acquisition will enhance our connection to consumers in the home and enables providers to better address patient needs as we execute our vision to redefine the health care experience,” said CVS CEO Karen Lynch.
The acquisition would continue CVS’ effort to grow from its pharmacy-chain roots to other sectors of the health industry. In 2018, the Woonsocket, Rhode Island, company purchased health insurer Aetna for USD69 billion.CVS will pay USD30.50 per share in cash for Signify.
According to a CVS presentation, the deal has a stock value of USD7.6 billion, with the total transaction rising to about USD8 billion with debt, equity appreciation rights and other items.