CVS pushes into insurance with $69 billion Aetna bid

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DALLAS (AP) – CVS will buy insurance giant Aetna in a roughly $69 billion deal that will help the drugstore chain provide more health care and keep a key client, according to a person with knowledge of the matter.

The person said Sunday that CVS Health Corp. will pay about $207 in cash and stock for each share of Aetna Inc. The person spoke on condition of anonymity because the deal has not been announced publicly.

Reports of a possible deal surfaced in late October.

The combination pairs a company that runs more than 9,700 drugstores and 1,100 walk-in clinics with an insurer covering about 22 million people.

The deal could provide new customers for CVS stores for the growing list of medical services that it offers.

Copyright 2019 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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