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A CVS logo can be seen at one of the stores near Bloomsburg.
Paul Weaver Lightrocket | Getty Images
CVS Health An agreement has been reached to acquire a home health care company Apply health. About $8 billion, the companies said Monday.
CVS said it will pay $30.50 in cash for CVS, which builds on its growing health services portfolio. Signify provides technology and analytics to support patient care at home.
“This acquisition enhances our relationship with consumers at home and enables providers to better address patient needs as we execute on our vision to redefine the healthcare experience,” CVS Health President and CEO Karen Lynch said in a news release.
The agreement comes as competitors. Amazon to the Walgreens They are getting more into the healthcare sector. Amazon announced in July Finding a primary care provider About $3.9 billion.
Shares of Signify Health surged nearly 45% in the past month to give it a market value of nearly $6.7 billion at $28.77 a share late Friday, according to FactSet. The Wall Street Journal reported As of Aug. 2, Signify was exploring strategic options, including a sale.
Shares of Signify announced in February 2021; It was added at the end of August. After reports that Amazon was among the bidders.
Last month, CVS revealed plans. Get or take a share In the primary care company at the end of the year.
The Signify deal follows other acquisitions and moves into primary healthcare. CVS previously acquired insurer Aetna and pharmacy benefits manager Caremark, and customers can get vaccinations or urgent care at MinuteClinic checkouts located in stores. Recently introduced in some stores for mental health treatment.
The companies, subject to regulatory approval, expect the acquisition to close in the first half of next year.
New Mountain Capital owns 60% of Signify’s common stock and has agreed to support the deal, the companies said.
CVS Health and Signify Health will hold an analyst and investor call Tuesday at 8:30 a.m. ET to discuss the transaction.
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