Aetna Inc. gained in New York trading after the Wall Street Journal reported that CVS Health Corp. is in talks to buy the insurer for more than $66 billion.
Aetna jumped 12 percent to $178.60, closing at a record high, while CVS fell 2.9 percent to $73.31. Spokesmen for Aetna and CVS declined to comment. CVS has offered to buy Aetna for more than $200 a share, the paper said.
A deal would create a health-services giant and a bigger competitor for UnitedHealth Group Inc., which is the largest U.S. health insurer and has its own own clinics and a pharmacy-benefits unit. CVS runs drugstores and clinics, helps insurers manage their pharmacy benefits, and already sells a pharmacy-insurance plan for older people, known as Medicare Part D. The company has a market value of about $75 billion, while Aetna was valued at about $53 billion before surging on the Journal's report.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
- Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
- Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
