CVS to buy Signify Health for nearly $8 billion – Pasadena Star News

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By Michelle F. Davis and Kyle Porter | Bloomberg

CVS Health Corp. has reached an agreement to buy home-health and technology services provider Signify Health Inc. for about $8 billion.

CVS is acquiring Signify for $30.50 a share, according to a statement on Monday.

CVS emerged as the winning bidder over suitors that included UnitedHealth Group Inc., Amazon.com and Option Care Health Inc.

Through its software and services, Signify aims to help customers — payers such as health plans, government programs and employers — transition to value-based payment plans. It is backed by New Mountain Capital, which founded the company in 2017, according to the private equity firm’s website.

“Signify Health plays a critical role in advancing our healthcare services strategy and provides us with a platform to accelerate our growth in value-based care,” CVS Health CEO Karen S. Lynch said in a statement. “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.”

The companies said they expect the transaction to close in the first half of 2023.

Signify rose 1.3% to close at $28.77 in New York trading on Friday, giving it a market value of about $6.7 billion.

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