Waiting on 2 States, CVS Delays Aetna Deal Closing Until After Thanksgiving

CVS expects to close its $69 billion acquisition of Aetna after the Thanksgiving holiday.

Earlier this month, CVS executives said they expected the deal to close by Nov. 22. But in a new financial filing, the company said it is still waiting for final approval from two states. So far, it has clearance from 26 of 28 states.

“CVS Health has made significant progress and is in the final stages of the approval process with the remaining two states,” the company state in its filing. “CVS Health is confident that these remaining approvals will be secured.”

New York and New Jersey are the final two states necessary to approve the deal. Last month, New York State Superintendent of Financial Services Maria Vullo criticized the merger and raised concerns about higher premiums and drug costs.

Analysts, however, called the rhetoric a “negotiating tactic” and remained confident the state would approve the deal.

California regulators issued their approval last week alongside a commitment from CVS to invest $240 million into the state’s healthcare system.


Source Link