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CVS Buys Primary Care Provider Oak Street Health in $10.6B Deal

CVS Buys Primary Care Provider Oak Street Health in $10.6B Deal

After weeks of rumors, CVS Health announced plans to acquire Oak Street Health, a primary care provider geared toward the Medicare population, in an all-cash deal worth approximately $10.6 billion, or $39 per share.

CVS said Oak Street’s model, which is tech-enabled, multi-payor and value-based, has proven to be scalable, making it an attractive target. CVS expects the merger to drive more than $500 million in synergy potential over time, bolstering its long-term growth goals.

Chicago-based Oak Street Health runs 169 clinics in 21 states, employing about 600 primary care providers. CEO Mike Pykosz will continue to lead the company upon close, which the companies expect this year.

“Combining Oak Street Health’s platform with CVS Health’s unmatched reach will create the premier value-based primary care solution,” said CVS Health CEO Karen Lynch. “Enhancing our value-based offerings is core to our strategy as we continue to redefine how people access and experience care that is more affordable, convenient and connected.”

The announcement follows another huge deal for CVS – the planned purchase of home care platform Signify Health for $8 billion – which is currently under regulatory review.

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About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.

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