CVS confirms its $69 billion for Aetna

Posted: Updated:

DALLAS (AP) - The Latest on CVS' plan to buy insurance giant Aetna in a roughly $69 billion deal (all times local):

6 p.m.

CVS is confirming that it's buying Aetna for $69 billion in a deal that will help the drugstore chain reach deeper into customer health care and protect a key client.

CVS Health Corp. released a statement Sunday saying it will pay cash and stock for Aetna Inc.

The mammoth acquisition pairs a company that runs more than 9,700 drugstores and 1,100 walk-in clinics with an insurer that covers about 22 million people.

The deal could generate a new stream of customers to CVS stores. Many of those stores now offer a growing menu of medical services in addition to the usual fare of prescriptions and cold and cough supplies.

CVS wants to be more of a one-stop-shop for health care.

___

1:45 p.m.

CVS will buy insurance giant Aetna in a roughly $69 billion deal that will help the drugstore chain provide more health care and keep a key client, according to a person with knowledge of the matter.

The person said Sunday that CVS Health Corp. will pay about $207 in cash and stock for each share of Aetna Inc. The person spoke on condition of anonymity because the deal has not been announced publicly.

Reports of a possible deal surfaced in late October.

The combination pairs a company that runs more than 9,700 drugstores and 1,100 walk-in clinics with an insurer covering about 22 million people.

The deal could provide new customers for CVS stores for the growing list of medical services that it offers.

Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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