CVS buys Oak Street Health clinic chain for $10.6 billion

The American group of pharmacy CVS announced Wednesday an agreement to acquire the chain of primary care clinics Oak Street Health for about US$ 10.600 million, in a new step to expand its business in the health sector.

CVS, which operates some 10,000 pharmacies, has become one of the largest health companies in the United States with an aggressive acquisition policy.

The purchase of Oak Street Health It is the third largest in the company’s history, after the US$12.7 billion it paid in 2015 for the pharmaceutical services provider. omnicare and the US$ 69,000 million that the medical insurer cost him Aetna.

The acquisition will be executed through a cash payment of US$ 39 per share and will close throughout this year, as explained by the two companies in a statement.

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Oak Street Health has 169 clinics spread across 21 US states and is specialized in caring for beneficiaries of the public assistance system Medicarewhich offers medical coverage to those over 65 years of age.

“This agreement with CVS Health will accelerate our ability to deliver on our mission and continue to improve health outcomes, reduce medical costs, and deliver a better patient experience while delivering significant shareholder value.”highlighted the CEO of the firm, mike pykoszwho will continue to run the business.

For CVS, the transaction means continuing to expand its presence in the primary care arena, something that more and more health insurers and pharmacy companies are doing in USA.

Powerful companies from other fields such as Amazon.

After news of the acquisition, CVS shares were up 2.6% in electronic trading prior to the opening of Wall Street.

SOURCE: EFE AGENCY.

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