CVS to Acquire Signify, a Home Health Care Provider, for $8 Billion

CVS has been whittling down its store base as it has pushed further into health care. The retailer said last year that it would close roughly 900 stores over three years. Its executives told analysts last month that the chain was looking to tack on new health services and ways to deliver that service‚ including in the home, through deals.

Karen S. Lynch, the chief executive of CVS, reiterated that strategy in a statement on Monday. “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,” she said.

CVS has roughly 40,000 physicians, pharmacists, nurses and nurse practitioners, as well as 1,100 MinuteClinic locations, which offer care ranging from vaccinations to physicals.

CVS will pay Signify $30.50 per share in cash. The two companies said they expected the deal to close in the second half of 2023, pending regulatory and shareholder approval.

Article source: https://www.nytimes.com/2022/09/05/business/cvs-signify-health.html