CVS agrees to buy insurance giant Aetna

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CVS Announces Plan To Purchase Aetna Insurance

CVS has agreed to buy Aetna in a $69 billion deal, The New York Times reported.

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The deal would combine the drugstore chain with one of the United States’ largest health insurers.

Under the terms of the deal, CVS will pay about $207 a share, the Times reported, quoting an anonymous source. Roughly $145 a share of that would be in cash, with the remainder in newly issued CVS stock.

An announcement could come later Sunday, the Times reported.

The deal would transform CVS’ 9,700 pharmacy storefronts into community medical hubs for primary care and basic procedures, The Washington Post reported.

If approved, the merger would allow CVS to provide a broad range of health services to Aetna’s 22 million medical members at its nationwide network of pharmacies and walk-in clinics, the Post reported.

“I think it will create more consolidation among the insurers and retailers, blurring the lines,” Ana Gupte, an analyst at Leerink Partners, told the Post.

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Report: CVS agrees to buy Aetna

SAUL LOEB/AFP/Getty Images
A CVS Pharmacy drug store in Washington, D.C.

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