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CVS Health Corp. announced on Monday, Sept. 5, that it will buy Signify Health home healthcare service company for $8 billion. The acquisition is expected to push the company to become one of the largest healthcare companies in the United States that can provide a wider range of care management services to patients in their homes.
As per Reuters, CVS Health has been expanding its business beyond the usual pharmacy and health management. With the latest deal to acquire Signify Health, it will be able to reach its goal of adding more service offerings to people. It will also be able to have healthcare centers where patients can consult with doctors or get their treatments.
Moreover, Signify Health will now be included in CVS Health’s portfolio and this means the latter will now be able to further expand its business by using Signify Health’s healthcare platform that features the latest technology, analytics, and networks.
CVS Health is buying Signify Health for $30.50 per share and agreed to pay in cash with the total amount reaching almost $8 billion. The deal is set to close within the first half of 2023. As part of the acquisition process, regulators will still review the agreement to determine if there are any antitrust issues.
"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," Karen S. Lynch, CVS Health’s president and chief executive officer, said in a press release. "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.”
Signify Health’s CEO, Kyle Armbrester further said, "Signify Health's mission is to build trusted relationships to make people healthier by using actionable intelligence to understand what's really impacting outcomes and cost today and as we carefully considered our long-term strategic options, we determined that CVS Health is the ideal partner, given its focus on expanding access to health services and helping consumers navigate to the best sites of care.”
