CVS to buy health insurance company Aetna

DALLAS (AP) – CVS is confirming that it’s buying Aetna for $69 billion in a deal that will help the drugstore chain reach deeper into customer health care and protect a key client.

CVS Health Corp. released a statement Sunday saying it will pay cash and stock for Aetna Inc.

The mammoth acquisition pairs a company that runs more than 9,700 drugstores and 1,100 walk-in clinics with an insurer that covers about 22 million people.

The deal could generate a new stream of customers to CVS stores. Many of those stores now offer a growing menu of medical services in addition to the usual fare of prescriptions and cold and cough supplies.

CVS wants to be more of a one-stop-shop for health care.

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CVS will buy insurance giant Aetna in a roughly $69 billion deal that will help the drugstore chain provide more health care and keep a key client, according to a person with knowledge of the matter.

The person said Sunday that CVS Health Corp. will pay about $207 in cash and stock for each share of Aetna Inc. The person spoke on condition of anonymity because the deal has not been announced publicly.

Reports of a possible deal surfaced in late October.

The combination pairs a company that runs more than 9,700 drugstores and 1,100 walk-in clinics with an insurer covering about 22 million people.

The deal could provide new customers for CVS stores for the growing list of medical services that it offers.