The Department of Justice gave conditional approval Wednesday for CVS Health’s acquisition of insurer Aetna, cementing a deal that could transform how U.S. consumers access health care. The two companies cleared their path to approval when Aetna announced Sept. 27 that it reached an agreement to sell its Medicare Part D drug plan business to WellCare Health Plans for an undisclosed amount.
Regulators were concerned about the overlap between CVS’ and Aetna’s Medicare Part D plans. The Justice Department said that the divestiture was a condition to winning final approval.
“The divestitures required here allow for the creation of an integrated pharmacy and health benefits company that has the potential to generate benefits by improving the quality and lowering the costs of the healthcare services that American consumers can obtain,” Assistant Attorney General Makan Delrahim said in a statement.
NEW YORK (AP) _ Justice Department approves $69 billion merger between CVS Health and Aetna, with conditions.
— Ken Thomas (@KThomasDC) October 10, 2018
Justice Department Requires CVS and Aetna to Divest Aetna’s Medicare Individual Part D Prescription Drug Plan Business to Proceed With Merger https://t.co/MNFwaVvbl9
— Justice Department (@TheJusticeDept) October 10, 2018