- Cyberattacks cost financial services firms more to address and contain than in any other industry according to new Accenture report
- Beazley 2018 Breach Briefing report analyses and advises on growing range of cyber risks in the US
- Insurance Europe responds to IAIS consultation on an activities-based approach (ABA) to systemic risk
- RSA UK claims function awarded CII Chartered status
- LMA introduces Claims Development Pathway, a new interactive training and development tool
- FCA seeking views on how technology can make it easier for firms to meet their regulatory reporting requirements
- S&P Global Ratings and Guidewire Cyence Risk Analytics partner to assess cyber risk expired
- IRM Internal Model Industry Forum(IMIF) publishes eighth guidance document for the insurance market-The Journey from Model Validation to Model Risk Management expired
- Legal & General partners with Slice Labs to offer on-demand homeshare insurance proposition expired
- Zurich launches UK Innovation Foundry expired
- Aegon net income more than doubles in fourth quarter as US tax reform leads to one-time tax benefit expired
- Chaucer DAC joins IUA expired
6th December 2017
CVS Health to acquire Aetna
CVS Health, a company at the forefront of changing the US health care landscape, and Aetna, one of the nation’s leading diversified health care benefits companies, have announced the execution of a definitive merger agreement under which CVS Health will acquire all outstanding shares of Aetna for a combination of cash and stock. Under the terms of the merger agreement, which has been unanimously approved by the boards of directors of each company, Aetna shareholders will receive $145.00 per share in cash and 0.8378 CVS Health shares for each Aetna share. The transaction values Aetna at approximately $207 per share or approximately $69bn. Including the assumption of Aetna’s debt, the total value of the transaction is $77bn.
The transaction fills an unmet need in the current US health care system and presents a unique opportunity to redefine access to high-quality care in lower cost, local settings—whether in the community, at home, or through digital tools.
CVS Health president and ceo Larry J. Merlo, comments “This combination brings together the expertise of two great companies to remake the consumer health care experience. With the analytics of Aetna and CVS Health’s human touch, we will create a health care platform built around individuals. We look forward to working with the talented people at Aetna to position the combined company as America’s front door to quality health care, integrating more closely the work of doctors, pharmacists, other health care professionals and health benefits companies to create a platform that is easier to use and less expensive for consumers.”
This is a natural evolution for both companies as they seek to put the consumer at the centre of health care delivery. CVS Health has steadily become an integrated health care company, and Aetna has moved beyond being a traditional insurer to focus more on consumer well-being.
“This is the next step in our journey, positioning the combined company to dramatically further empower consumers. Together with CVS Health, we will better understand our members’ health goals, guide them through the health care system and help them achieve their best health,” said Mark T. Bertolini, Aetna chairman and ceo. “Aetna has a proud tradition of continually innovating to address unmet consumer needs and providing leading products and services to the marketplace.
Aetna has a talented and dedicated group of employees working to build a healthier world every day. Our combined company will be more competitive in the marketplace and accelerate progress toward achieving this mission.”
Aetna Trends(165 articles)