CVS Health Corp said on Wednesday it would buy Oak Street Health Inc for about $9.5 billion in cash, expanding its healthcare services by adding hundreds of primary care clinics mostly for older people.
CVS has been in the market for a medical services acquisition since last year, as part of its strategy to mitigate the pressure on its health insurance unit from lower ratings on its Medicare Advantage insurance plans and the end of a major pharmacy benefit management contract.
Through Oak Street, CVS will get control over 160 primary care centers that typically offer routine health screenings and diagnosis to those insured under the U.S. government's Medicare program, which is for people aged 65 years and older or who qualify because they have a disability. CVS fell marginally on news of the deal, but reversed course to gain about 2% before the bell, after reporting fourth-quarter profit above Wall Street estimates.Our Standards:
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