CVS to close on multi-billion dollar acquisition with Aetna after Thanksgiving

Connecticut

CVS Health Corp. expects to close on its $69 billion acquisition of Aetna Inc. after Thanksgiving, the pharmacy giant said Monday in a regulatory filing.

The Woonsocket, R.I.-based CVS said it has obtained approval from 26 of 28 state departments of insurance to which it applied.

CVS Health has made significant progress and is in the final stages of the approval process with the remaining two states,” it said.

Related Content: DOJ approves $69B CVS Health-Aetna merger, with conditions

CVS won conditional approval in October from the U.S. Department of Justice. The two companies agreed to shed Medicare prescription businesses as a condition of federal backing.

A week later, Connecticut Insurance Commissioner Katharine Wade approved the CVS-Aetna deal, contingent on the companies’ divesting Medicare prescription drug businesses to assure competition.

Dec. 3 will mark the one-year anniversary of the announcement of the deal. The new venture would integrate the work of doctors, pharmacists, other health care professionals and health benefits companies to establish a platform easier to use for consumers.

Critics say it could raise prices by squeezing out competition, particularly independent pharmacists.

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