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CVS to buy home health-care company Signify for about $8 billion

CVS-Signify Health
Posted at 4:01 PM, Sep 06, 2022
and last updated 2022-09-06 16:01:53-04

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

In a news 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 doctors nationwide across every state while offering technology platforms.

"Signify Health will play a critical role in advancing our health care services strategy and gives us a platform to accelerate our growth in value-based care," said CVS CEO Karen Lynch in a statement. "This acquisition will enhance our connection to consumers in the home and enables providers to better address patient needs as we execute our vision to redefine the health care experience. In addition, this combination will strengthen our ability to expand and develop new product offerings in a multi-payor approach."

Along with Signify, CVS said it also acquired Caravan Health, which Signify purchased in March.

The companies said they anticipate closing the deal in the first half of 2023.