CVS Health Corp. and Aetna have received the final state approval for their $69 billion merger.
In December 2017, pharmacy retail/healthcare company CVS announced plans to acquire Aetna for $69 billion in cash and stock. The Department of Justice had given a preliminary approval in October 2018, after Aetna agreed to sell its Medicare Part D drug plan business to WellCare Health Plans so that there is no overlap with CVS’s Medicare plan business – thereby mitigating regulatory concerns of a potential concentration/monopolization of the health insurance sector due to the merger.
Now that it has approvals from all the 28 state departments of insurance, the deal is expect to close “on or about” Nov. 28 - the companies mentioned in Monday’s regulatory filings.