CVS buys Signify for $eight billion

CVS Health announced Monday that it is buying home health care company Signify Health for about $8 billion.

In a press release, the drugstore giant said it would pay $30.50 per share in cash.

CVS said the deal would come with a network of more than 10,000 physicians nationwide in every state while offering technology platforms.

“Signify Health will play a critical role in advancing our healthcare services strategy and providing us with a platform to accelerate our growth in value-based care,” said Karen Lynch, CEO of CVS, in a statement. “This acquisition will strengthen our connection to consumers at home and enable providers to better serve patients’ needs as we execute on our vision to redefine the healthcare experience. Additionally, this combination will strengthen our ability to expand and develop new product offerings in a multi-payor approach.”

Along with Signify, CVS says it also acquired Caravan Health, which Signify bought in March.

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

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