UPDATED: CVS Nearing Another Major Deal — $10.5B Acquisition of Oak Street Health, Says WSJ
Tuesday, February 07, 2023
The Wall Street Journal is reporting that CVSHealth is close to an agreement to acquire Oak Street Health for about $10.5 billion, including debt.
“[A] deal that would rapidly expand the big healthcare company’s footprint of primary-care doctors with a large network of senior-focused clinics, according to people with knowledge of the matter. The companies are discussing a price of about $39 a share, the people said. The deal, if it goes through, could be announced as soon as this week, they said. CVS is scheduled to report earnings on Wednesday,” reported WSJ.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLAST“Together, the two acquisitions would push CVS, the parent of its namesake pharmacies as well as the huge Aetna health-insurance operation and a pharmacy-benefit manager, far deeper into the direct provision of healthcare,” reports the WSJ.
Oak Street, which has more than 160 centers across 21 states, focuses on the care of patients enrolled in Medicare.
Word of the deal sent Oak Street Health shares soaring higher Tuesday following a report. Oak Street Health shares were marked 35.6% higher in pre-market trading and indicating an opening bell price of $35.20 per share. CVS shares, meanwhile, edged 1.47% lower to $84.00 each, according to the Street.
On Wednesday morning, CVS is scheduled to report 4th quarter and 2022 earnings.
CVS has not publicly commented on the proposed deal.
Related Articles
- CVS Issues Statement on Landmark Opioid Decision in Federal Court Case
- CVS to Close 900 Stores Over Next 3 Years
- CVS Found Liable in Federal Case for Role in Opioid Crisis, Foulkes Refuses to Answer Questions
- No More Greeting Cards of Apes in Costumes? PETA Says It Forced CVS to Stop Selling Them
- Foulkes Talks Education, Mandating Vaccination for Children, and Her Role at CVS in Opioid Crisis
- “Victory for People With Disabilities” - CVS Withdraws Petition in U.S. Supreme Court Case
- Foulkes Refuses to Respond to Questions About CVS and Her Role in Opioid Crisis - Lawsuits Pile Up
- People Who Shoplift at CVS Shouldn’t Be Prosecuted, Says Sex and the City Actress Nixon
- Former Top CVS Executive Foulkes Considering Gubernatorial Run
- CVS Under Fire For Right-Wing Political Donations
- Paralegal for CVS Health, Minoska B. (Segura) Pena, of Smithfield, Passes at 39
- CVS Sued Over Pandemic Overtime Pay
- Sexual Harassment Cases at CVS Force Exodus of Executives, According to WSJ
- Former Fleet and CVS Executive John Charles Schmitt II, Dies at 51
- CVS Poised to Make Major Acquisition, Reports WSJ
- Legal and PR Nightmare - CVS and Foulkes Are Haunted by Their Roles in Opioid Crisis
- EDITORIAL: Former CEO Offended by Ad Must Be Livid at Jury Hitting CVS for Role in Opioid Crisis
- VIDEO: CVS Health and Walmart Agree to Pay West Virginia $147.5 Million for Role in Opioid Crisis
- Foulkes’ Time at CVS Comes Under More Scrutiny - NH Files Suit: CVS “Helped Fuel an Opioid Epidemic”
- Man Arrested for Stabbing CVS Employee in Providence Has Long Record of Felony Shoplifting Arrests
- U.S. Attorney Reaches Agreement with CVS Over Online Vaccine Registration Access for Disabled
- CVS Cancels Charity Golf Classic and Crave Food Festival
- CVS’s CEO Lynch Makes 458 Times the Average CVS Employee
- CVS Supervisor Stabbed in Providence Store After Confronting Shoplifter
- CVS Agrees to Pay $5 Billion in Opioid Settlement UPDATED
