Aetna agrees $69bn takeover by US pharmacy giant CVS Health

Oliver Gill
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CVS Health offered Aetna shareholders a deal worth $207 per share (Source: Getty)

US pharmacy giant CVS Health has agreed to pay $69bn (£51bn) for health insurer Aetna in the year's biggest corporate transaction, it was confirmed late tonight.

Aetna shareholders will receive $207 per share through a combination of cash and CVS Health shares after the company's board gave the deal the thumbs up on Sunday.

Aetna shares closed at $181 each on Friday.

Read more: Global M&A activity to hit $3.2 trillion next year

The transaction brings together two of the US' biggest and best-known brands. Aetna offers a broad range of policies from employer policies to government plans.

The pharmaceutical and healthcare sector across the Atlantic has come under pressure from Obamacare, rising drug prices and competition from online retailers such as Amazon. The combination of insurer and pharmacy is likely to put the combined firm in a better place to negotiate lower prices.

Read more: Republicans unveil nonsensical healthcare reform bill to replace Obamacare

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