- Brexit-light at the end of the tunnel for UK financial services?
- Lloyd's announces aggregated market loss of £2bn for 2017-the first loss for six years
- London Market agrees a mandate to use electronic placement with a sliding scale by quarter
- ABI and leading UK insurers welcome a Bill to reform the law relating to whiplash claims and the way in which the personal injury Ogden Discount Rate is set
- Insurance Europe develops a template that could help companies meet the obligation under the General Data Protection Regulation(GDPR)
- The Institutes and the International Insurance Society(IIS) announce a strategic affiliation
- gradient A.I., a Milliman predictive analytics platform, now aids management of workers' compensation risk expired
- SSP Keychoice extends long-term relationship with RAC for a further five years expired
- Atradius reports a strong 2017 result expired
- IGI profit dips but 19% growth in GWP expired
- Ping An net profit up 43% in 2017 expired
- Liberty Mutual Specialty Markets appoints Hitchcock to new position of Paris-based Terrorism Underwriter with a European roving role 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)