Market Updates
CVS to Acquire Home Healthcare Provider Signify for $8 Billion
Scott Peters
06 Sep, 2022
New York City
Signify Health increased 1% to $29.06 after the company agreed to be acquired by CVS for $30.50 a share or $8 billion.
The home healthcare company will operate as a separate company under CVS.
Signify provided home visits or virtual medical services to 2.5 million patients in 2021.
Signify priced its public offering of 23.5 million shares at $24 each on Feb 10, 2021.
New Mountain Capital, which holds a 60% stake in the company has agreed to support the deal.
Home healthcare space has attracted attention from large players after Amazon announced its plan in July to acquire One Medical for $3.9 billion.
Walgreen in partnership with Village MD is building primary care doctor's offices next to its drug stores across the nation.
Signify shares soared 45% in the last three weeks of trading after a news report on August 2 from The Wall Street Journal that the company may be looking for a buyer.
The stock surged further on August 19 on news reports that Amazon.com was among the bidders.
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