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Walgreens’ VillageMD to Acquire Rival CityMD for $9B
Walgreens Boot Alliance’s (WBA) VillageMD said Monday it had agreed to acquire competitor Summit Health-CityMD, a leading provider of primary, specialty and urgent care. The transaction is valued at approximately $8.9 billion with investments from WBA and an affiliate of Evernorth, a subsidiary of insurer Cigna.
Combined, VillageMD and Summit Health-CityMD will have more than 680 healthcare provider locations in 26 markets. These will include freestanding medical office properties as well as locations at Walgreens stores.
“Summit Health-CityMD joining VillageMD is transformational for our U.S. healthcare segment and reinforces our intent to create greater access to quality healthcare across the care continuum,” said Roz Brewer, CEO of WBA, which is investing $3.5 billion in the acquisition. “This transaction accelerates growth opportunities through a strong market footprint and wide network of providers and patients across primary, specialty and urgent care.”
The transaction is expected to close in the first quarter of 2023.
- ◦Sale/Acquisition
