Signify’s network has more than 10,000 clinicians in all 50 states in the US.
“Signify Health will play a critical role in advancing our health-care services strategy and gives us a platform to accelerate our growth in value-based care,” CVS Health CEO Karen S. Lynch said in the statement. “This acquisition will enhance our connection to consumers in the home and enables providers to better address patient needs as we execute our vision to redefine the health-care experience.”
The acquisition ranks among the biggest for CVS as it has broadened its health-care footprint. Its largest was its purchase of insurer Aetna Inc. in a deal valued at $68 billion including debt. That transaction, completed in 2018, followed its 2007 acquisition of Caremark RX Inc. for about $27 billion.
CVS and Signify said they expect their transaction to close in the first half of 2023.
Signify shares were little-changed at $28.78 at 9:46 a.m. Tuesday in New York, while CVS fell less than 1%.