DOJ Approves $69B CVS Health-Aetna Merger, with Conditions

AP Photo by Bill Sikes
IN this June 1, 2017 file photo,. a sign stands on the campus of the Aetna headquarters in Hartford, Conn. The Justice Department has agreed to Aetna’s plan to sell its Medicare Part D prescription drug plan business for individuals to fellow insurer WellCare, resolving competition concerns. Aetna announced Sept. 2018 it’d sell the business for an undisclosed amount. The move was seen as a way for CVS Health to move forward with its $69 billion takeover of Aetna.

NEW YORK (AP) — The proposed $69 billion merger between CVS Health and Aetna is getting a greenlight from the Department of Justice, with some conditions.

The Justice Department on Wednesday approved the deal on the condition that Aetna moves ahead with its plan to sell its Medicare Part D prescription drug plan business, resolving some anti-monopoly issues.

Aetna announced last month it'd sell the business for an undisclosed amount.

CVS announced plans to buy Hartford, Connecticut's Aetna late last year. The deal is expected to give the Woonsocket, Rhode Island, drugstore chain a bigger role in health care, with the companies combining to manage care through CVS stores, clinics and prescription drugs.

 

By The Associated Press

Categories: Healthcare, Today’s Business News

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