CVS to buy Signify Health
CVS Health has reached a deal to acquire in-home healthcare company Signify Health, which runs a network of doctors making house calls, for about $8 billion.
Through the deal, CVS gains access to 10,000+ clinicians nationwide that provide health and wellness visits to nearly 2.5 million patients in the home.
“Signify Health will play a critical role in advancing our health care services strategy and gives us a platform to accelerate our growth in value-based care. This acquisition will enhance our connection to consumers in the home and enables providers to better address patient needs as we execute our vision to redefine the health care experience. In addition, this combination will strengthen our ability to expand and develop new product offerings in a multi-payor approach.” – CVS Health president and CEO, Karen S. Lynch.
“Signify Health’s mission is to build trusted relationships to make people healthier by using actionable intelligence to understand what’s really impacting outcomes and cost today. As we carefully considered our long-term strategic options, we determined that CVS Health is the ideal partner, given its focus on expanding access to health services and helping consumers navigate to the best sites of care. We are both building an integrated experience that supports a more proactive, preventive and holistic approach to patient care, and I look forward to executing on our shared vision for the future of care delivery.” – Kyle Armbrester, CEO of Signify Health.
CVS Health will acquire Signify Health’s stock for $30.50 per share. CVS Health expects to fund the transaction with existing cash from its balance sheet and available resources. CVS Health and Signify Health anticipate that the transaction will close in the first half of 2023.