Deals
CVS ‘Moving Forward’ With Aetna Deal, Profit Tops Estimates
- Stock drops 3.4% after suspension; shares of peers also fall
- CVS CEO signals wait and see from potential clients amid M&A
Photographer: Michael Nagle/Bloomberg
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CVS Health Corp. said it’s making “good progress” on getting regulatory approval for its $68 billion deal to buy health insurer Aetna Inc. -- one of two megamergers in the health-care industry that are under antitrust scrutiny.
In the meantime, the drug retail giant has suspended its share buyback plan. The company, one of the U.S.’s leading providers of drug-benefits for employers and health plans, also signaled that some employers may be waiting to see how the sector will be reshaped before making major decisions on contracts that typically last three years.