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Latest News  + Alternative Assets  + Direct Investment  + Financial Advisory  + M&As  + Private Equity  |  November 8, 2022
Walgreens-backed VillageMD to Buy Warburg Pincus-backed Summit Health for $8.9B
Joe Palmisano
By: Joe Palmisano

Walgreens-backed VillageMD to Buy Warburg Pincus-backed Summit Health for $8.9B

Walgreens Boots Alliance-backed VillageMD, a primary care provider, is buying private equity firm Warburg Pincus-backed urgent care provider Summit Health-CityMD for $8.9 billion.

Walgreens, which will hold a 53% stake in the combined healthcare provider, and Cigna subsidiary Evernorth are financing the purchase with $3.5 billion in equity and debt. The transaction is expected to close in the first quarter of 2023.

WBA is raising its US Healthcare fiscal year 2025 sales goal to $14.5 billion to $16 billion, from $11 billion to $12 billion to account for the transaction.

The deal is the latest by big consumer-focused companies aiming to make a formidable presence in medical care as it follows the $4 billion acquisition of primary-care operator 1Life Healthcare Inc. by Amazon.com in July and the $8 billion buyout of Signify Healthcare Inc. by CVS Health Corp in September.

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Walgreens Boots AllianceVillageMDSummit Health-CityMD

About Joe Palmisano

Joe Palmisano is editorial director of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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