CVS Health expects Aetna deal to close after Thanksgiving

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CVS Health expects Aetna deal to close after Thanksgiving

By Sandra Levy - 11/20/2018
CVS Health said today that it now anticipates to close its $69 million purchase of health insurer Aetna after the Thanksgiving holiday, according to a regulatory filing with the Securities and Exchange Commission.

Earlier this month, CVS Health said it expected the acquisition to take place by Thanksgiving.

In its filing, CVS Health said it has received approval from 26 of the 28 state departments of insurance. “CVS Health has made significant progress and is in the final stages of the approval process with the remaining two states. CVS Health is confident that these remaining approvals will be secured,” the filing said.

In October, CVS Health received the Department of Justice’s conditional approval for the acquisition with the requirement that Aetna divest its standalone Medicare Part D prescription drug plan, a move that had been announced with WellCare Health Plans set to take over the plans, which have roughly 2.2 million members.

CVS Health also announced in October that three additional Aetna directors — Edward Ludwig, Fernando Aguirre and Roger Farah — with deep insurance company oversight experience will join the CVS Health board following the completion of its acquisition of Aetna. The appointment of these three Aetna directors, together with the previously announced addition of Mark Bertolini, Aetna’s current chairman and CEO, will bring the total number of CVS Health board members to 16.