Business

America’s Largest Drug Store Is Buying Aetna For $67.5 Billion

CVS Health Corp. announced plans Sunday to purchase the health insurance company Aetna Inc. for $67.5 billion, and expects the plans to be finalized in the second half of 2018.

This will mark the one of the biggest health care mergers in the last 10 years, according to Bloomberg, and comes after Amazon announced they are planning to expand into the pharmaceutical industry.

CVS will pay Aetna shareholders $145 per share in cash, and the rest in stock. After CVS factors in Aetna’s debt, the total cost of the deal will top $77 billion.

“This combination brings together the expertise of two great companies to remake the consumer health care experience,” CVS Chief Executive Officer Larry J. Merlo said in a Sunday press release. “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.”

Aetna CEO Mark T. Bertolini echoed Merlo, and said the merger would make the company more “competitive” and help improve healthcare for millions of Americans.

“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,” Bertolini said. “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.”

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