CVS Reportedly on the Verge of $10.5B Deal for Oak Street Health
CVS Health is close to an agreement to acquire Chicago-based Oak Street Health Inc. for about $10.5 billion including debt, the Wall Street Journal reported Tuesday. The deal would rapidly expand CVS’ footprint of primary-care doctors with a large network of senior-focused clinics, according to people with knowledge of the matter.
The companies are discussing a price of about $39 a share, the WSJ reported. The deal, assuming it goes through, could be announced as soon as this week. CVS is scheduled to report earnings on Wednesday.
Since going public in August 2020, Oak Street Health has been on an expansion frenzy, the Chicago Business Journal reported. As of Sept. 30, the company said it operated 161 centers in 21 states, compared with 110 centers as of a year earlier.
In a statement, Oak Street Health said Tuesday its policy is “not to comment on unusual market activity.”