By Colin Kellaher

Shares of Oak Street Health Inc. moved higher in premarket trading Wednesday after the primary-care provider agreed to be acquired by healthcare giant CVS Health Corp.

CVS, based in Woonsocket, R.I., is paying $39 a share for Oak Street, a nearly 16% premium to Tuesday's closing price of $33.68 for the Chicago company and about 50% above Monday's closing price of $25.96, before The Wall Street Journal reported that a deal was near.

The transaction is slated to close later this year.

Oak Street shares were recently up 5.2% to $35.44 in premarket trading.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

February 08, 2023 06:27 ET (11:27 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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