CVS Health, Aetna want to finalize $70B+ deal in December, sources say

CVS Health and Aetna aim to finalize their proposed merger as soon as December, sources familiar with the deal told Reuters.

The deal, to be valued at more than $70 billion, would link up one of the country's largest pharmacy benefits managers with one of its oldest health insurers. The merger, if successful, would boost the companies' price negotiations with pharmaceutical manufacturers.

The companies will set a merger price as the signing of the deal nears, according to the sources, who asked for anonymity since negotiations are ongoing. The deal could value Aetna at much higher than $200 per share, the sources added. CVS Health and Aetna agreed CVS would purchase Aetna through cash and stock, which would decrease Aetna shareholders' tax liabilities.

Aetna and CVS Health did not comment on the potential merger, according to Reuters.

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