CVS Health completed its $70 billion acquisition of Aetna Nov. 28, in a move the companies say will "make a complicated system simpler for all."
Here are five things to know:
1. Under terms of the transaction, CVS Health purchased each outstanding share of Aetna for $145. The deal values Aetna at $212 per share, for a total of about $70 billion. The deal was announced in December 2017.
2. Aetna will operate as a stand-alone unit within CVS Health. The brand will be used with its health insurance products, and Aetna's management team will remain intact.
3. In October, CVS entered into an agreement with the Department of Justice to move forward with the acquisition, with the caveat Aetna would sell its stand-alone Medicare Part D prescription drug plans to Tampa, Fla.-based WellCare Health Plans. WellCare will assume control of the 2.2 million-member business Dec. 31.
4. The combined company, simply CVS Health, said it has started building its new healthcare model and plans to shortly debut programs targeting chronic disease management through its walk-in MinuteClinics. Other new services the company plans to roll out include preventive health screenings for communities with a higher risk of certain health problems, and medical cost-reduction programs aimed at improving medication adherence and unnecessary emergency room visits.
5. Of the acquisition, CVS Health President and CEO Larry J. Merlo said: "As the front door to quality healthcare, our combined company will have a community focus, engaging consumers with the care they need when and where they need it, will simplify a complicated system and will help people achieve better health at a lower cost. We are also leading change in healthcare by challenging the status quo with new technologies, business models and partnerships."