CVS Moves Toward Home Health Care with Signify Acquisition
CVS Health is expanding into the home healthcare business. The company announced that it has entered into a definitive agreement to acquire Signify Health, which boasts a network of more than 10,000 physicians, nurse practitioners and physician assistants that provide home-based visits.
Under the agreement, CVS Health will acquire Signify Health for $30.50 per share in cash, representing a total transaction value of approximately $8 billion.
“Signify Health will play a critical role in advancing our healthcare services strategy and gives us a platform to accelerate our growth in value-based care,” said CVS Health President and CEO Karen S. Lynch. “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 healthcare experience. In addition, this combination will strengthen our ability to expand and develop new product offerings in a multi-payor approach.”
“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,” said Kyle Armbrester, CEO of Signify Health. “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.”
Per the joint announcement, Armbrester will continue to lead Signify Health as part of CVS Health following the acquisition, which is expected to close in the first half of 2023.
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