NOV. 20, 2018
/ 9:02 AM Nicholas
Sakelaris
Nov. 20 (UPI) -- CVS Health's $69
billion acquisition of Aetna will take longer than expected as the retail
pharmacy needs approval from 2 more state departments of insurance.
Earlier this month, CVS CEO Larry Merlo said
the deal was on track to close before Thanksgiving. In a SEC filing Tuesday, the
company said that now won't happen until after the holiday.
"CVS Health has made significant
progress and is in the final states of the approval process with the remaining
two states," CVS said in the filing. "As a result, the acquisition is
now expected to close after the Thanksgiving holiday."
To get past antitrust concerns, CVS announced
it would sell its WellCare Health Plans to prevent overlap with Aetna's
Medicare Part D plans. The Department of Justice gave preliminary approval to
the deal last month.
In the SEC filing, CVS also said Eva Boratto
will be the new executive vice president and chief financial officer and James Clark will be appointed senior vice
president, controller and chief accounting officer when the deal closes.
No comments:
Post a Comment