- FCA publishes two consultation papers, setting out its proposals in the event the UK leaves the European Union on 29th March 2019 without an implementation period
- Standard & Poor's publishes Countdown to Brexit report
- COUNTRY Financial selects Guidewire ClaimCenter solution
- Verisk showcases piCalculator, its solution for calculating schedules of loss for personal injury claims
- ABI appoints two new Board members
- Ascot's CEO Brooks to Chair LMA
- Antares appoints Taylor as Head of Specialty expired
- Catalina Holdings closes $700m equity capital raise-Apollo Funds becomes majority shareholders expired
- Cincinnati Financial moves for Munich Re subsidiary MSP Underwriting expired
- IGI appoints Rix as Chief Actuary expired
- The Standard Club and The Strike Club plan to merge expired
- Newslink Global Insurance Trends-The Week 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)