On September 5, 2022, CVS and Signify announced an agreement under which CVS Health will pay $8 billion to acquire the in-home healthcare provider, Signify Health. For the acquisition that would expand its healthcare offerings, CVS said that it will pay $30.50 per share in cash to Signify. Signify offers technology and analytics to support in-home patient care.
Revenue of CVS increased in the second quarter 2022 over that in the first quarter 2022 even though the net profit remained unchanged during this period, according to GlobalData.
According to CVS Health president and CEO Karen, “This acquisition will strengthen our relationship with customers in the home and enables physicians to better address patient demands as we carry out our ambition to transform the health care experience.” The agreement comes as rivals such as Amazon and Walgreens expand their presence in the healthcare industry. In July 2022, Amazon said that it would buy primary care company, One Medical, for around $3.9 billion.
The acquisition of Signify comes after recent movements in primary healthcare. The number of deals made by CVS Health increased marginally in 2022 over that in 2021 but declined since 2017, according to GlobalData.
Nevertheless, with the acquisition, customers will be able to receive vaccinations or urgent care at MinuteClinic locations in CVS shops. CVS had previously acquired pharmacy benefits manager Caremark and insurer Aetna. Recently, some establishments started offering mental health counseling. The CVC-Signify transaction is expected to be concluded in the first half of 2023, subject to regulatory approval.
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