Business CVS, Aetna Win U.S. Approval For $69 Billion Merger Published 2 months ago on October 10, 2018 By Frank Couper Share Tweet WASHINGTON (Reuters) – Pharmacy chain CVS Health Corp won U.S. antitrust approval for its $69 billion acquisition of health insurer Aetna Inc, the Justice Department said on Wednesday, paving the way for a combination the companies say can help cut soaring U.S. healthcare costs. It is the second large recent healthcare deal to win a thumbs up from the U.S. Justice Department. The agency gave the green light to health insurer Cigna Corp’s $52 billion acquisition of the nation’s largest pharmacy benefit manager (PBM), Express Scripts Holding Co, on Sept. 17. Shares of CVS and Aetna each rose about 1 percent on Wednesday, a day when the broader market was sharply lower, with CVS trading at $80.25 and Aetna at $206.00. The deal was approved on condition that the company’s sell Aetna’s Medicare Part D prescription drug business, the Justice department said. Aetna last month said it would sell all of its standalone prescription drug plans for the government Medicare program for Americans aged 65 and older and the disabled to WellCare Health Plans Inc, paving the way for the deal’s approval. Without the divestiture the two companies would have owned more than a 30 percent share of the Medicare Part D drug plans, creating concern about the amount of control the new CVS would have had over the Medicare prescription drug market. Together the two have 6.8 million members in Medicare Part D drug plans, the Justice Department said. “The divestitures required here allow for the creation of an integrated pharmacy and health benefits company that has the potential to generate benefits by improving the quality and lowering the costs of the healthcare services that American consumers can obtain,” Makan Delrahim, head of the department’s Antitrust Division, said in a statement. The companies have said they believe together they can improve customer health by offering more low-priced medical services in CVS’s nationwide network of pharmacies, including providing chronic disease screenings and preventative care, such as blood sugar monitoring and vaccines. CVS also has a large PBM business. (Reporting by Diane Bartz and Caroline Humer; Editing by Chizu Nomiyama, Susan Thomas and Bill Berkrot) Credit:Huff Post Share this:Click to share on WhatsApp (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)Click to share on Google+ (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Skype (Opens in new window) Related Related Topics: Up Next Microsoft Just Did Something Big With 60,000 Patents Don't Miss Overwatch League Made Some Changes For Its 2019 Season. Here’s What to Expect Continue Reading You may like Follow Us On Flipboard Magazine. Latest U.S. Politics23 mins ago Meghan Markle vowed to live ‘less stifled’ life before dating Prince Harry Not long before she met Prince Harry, Meghan Markle vowed to live a “life less stifled” and to “take a... Sports33 mins ago Former Juve sporting director Marotta takes over at Inter Milan Giuseppe Marotta arrives to attend the draw for UEFA Champions League at the Grimaldi Forum in Monaco. Giuseppe Marotta has... World35 mins ago Constantinople was unwise to antagonize Moscow, leading Orthodox theologian says The Patriarch of Constantinople was wrong to declare Ukraine no longer subject to the Russian Orthodox Church as the conflict... Business52 mins ago Data Sheet—These Bleak Times for Global Tech Companies Jobs for everyone. After a grueling public process involving bids from over 200 cities…oh, wait, no. Apple skipped all that... World1 hour ago Ian Naude: Cheshire PC jailed for raping 13-year-old girl Image copyright Cheshire Police Image caption Ian Naude was being investigated for sex offences when he became a student officer... Most Read Tech1 week ago YouTube top earners: The seven-year-old making $22m Sports7 days ago Maurizio Sarri is steering Chelsea away from top four for second year running unless these changes are made, says Adrian Durham Sports7 days ago Who are the two best central defenders in the world?