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CVS pushes into insurance with $69 billion Aetna bid

MiamiHerald / CVS will buy insurance giant Aetna in a roughly $69 billion deal that will help the drugstore chain reach deeper into customer health care and protect a key client, a person with knowledge of the matter said Sunday.

CVS Health Corp. will pay about $207 in cash and stock for each share of Aetna Inc., according to the person, who spoke on condition of anonymity because the deal has not been announced publicly. That represents a 29 percent premium to the price of Aetna shares on Oct. 25, the day before The Wall Street Journal first reported about the possibility of a deal.

The mammoth acquisition pairs a company that runs more than 9,700 drugstores and 1,100 walk-in clinics with an insurer covering around 22 million people. CVS Health Corp. is also one of the nation’s biggest pharmacy benefit managers, processing more than a billion prescriptions a year for insurance companies, including Aetna.

The deal could help feed a steady stream of customers to CVS stores, many of which now offer a growing menu of medical services in addition to the usual fare of prescriptions and cold and cough supplies.

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