CVS Acquisition of Aetna Gets the Green Light
CVS was granted anti-trust approval for its takeover of Aetna. The $69 billion deal was advertised as a way to lower costs for the end consumer, shedding administrative functions and streamlining properties.
CVS aims to cut costs by $750 million annually by the end of the second year after the deal closes.
The deal was approved on the condition that the companies sell Aetna’s standalone Medicare prescription drug plan business, known as Medicare Part D, the Justice department said.
Aetna last month said it would sell all of those standalone plans for prescription drugs that are part of the Medicare program for Americans aged 65 and older and the disabled to WellCare Health Plans Inc, paving the way for the deal’s approval.