Wealthnewshubb
Advertisement Banner
  • Home
  • News
  • Management
  • Contact
No Result
View All Result
  • Home
  • News
  • Management
  • Contact
No Result
View All Result
Wealthnewshubb
No Result
View All Result
Home Management

CVS Buys Signify Health in $8 Billion Deal Pushing Beyond Retail

admin by admin
September 6, 2022
in Management


(Bloomberg) — CVS Health Corp. reached a deal to buy home-health and technology services provider Signify Health Inc. for about $8 billion, as the drugstore chain continues to expand beyond its retail origins.

CVS is acquiring Signify for $30.50 a share in an all-cash deal, according to a statement Monday. The company emerged as the winning bidder over potential suitors that, Bloomberg News previously reported, had included UnitedHealth Group Inc., Amazon.com Inc. and Option Care Health Inc. 

Through its software and services, Signify aims to help clients — payers like health plans, government programs and employers — shift to value-based payment plans. It’s backed by New Mountain Capital, which formed the company in 2017, according to the private equity firm’s website.

Signify’s network has more than 10,000 clinicians in all 50 states in the US.

“Signify Health will play a critical role in advancing our health-care services strategy and gives us a platform to accelerate our growth in value-based care,” CVS Health Chief Executive Officer Karen S. Lynch said in the statement. “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.”

The acquisition ranks among the biggest for CVS as it has broadened its health-care footprint. Its largest was its purchase of insurer Aetna Inc. in a deal valued at $68 billion including debt. That transaction, completed in 2018, followed its 2007 acquisition of Caremark RX Inc. for about $27 billion.

CVS and Signify said they expect their transaction to close in the first half of 2023.

Signify shares slipped less than 1% to $28.64 before regular trading Tuesday in New York, while CVS climbed less than 1%.

© 2022 Bloomberg L.P.



Source link

Previous Post

Recession Nowhere Near 100%, Says Bobrinskoy – Validea’s Guru Investor Blog

Next Post

How to Choose Your Blog’s Niche

Next Post

How to Choose Your Blog’s Niche

Recommended

Hedge-Fund Guru Julian Robertson Dies at 90 – Validea’s Guru Investor Blog

5 months ago

FNZ Further Expanding US Footprint With YieldX Acquisition

2 weeks ago

wealth-01

© 2022 Wealth News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy and Terms & Conditions.

Navigate Site

  • Home
  • News
  • Management
  • Contact

Newsletter Sign Up.

No Result
View All Result
  • Home
  • News
  • Management
  • Contact

© 2022 Wealth News Hubb All rights reserved.