Combined companies will deliver a
superior health care experience and drive improved health
outcomes
WOONSOCKET, R.I., March 29,
2023 /PRNewswire/ -- CVS Health® (NYSE: CVS) today
announced that it has completed its acquisition of Signify
Health.
Signify Health is a leading technology and services company,
focused on provider enablement and bringing clinicians into the
home to identify chronic conditions, close gaps in care, and
address social determinants of health. Signify has a network of
more than 10,000 clinicians in all 50 states, who spend an average
of 2.5 times longer with a member during home visits than an
average visit with a primary care provider.
"This transaction advances our value-based care strategy by
enhancing our presence in the home," said CVS Health President and
CEO Karen S. Lynch. "Our expanded
capabilities will bring us closer to the consumer as we continue to
redefine how people access and experience care that is more
affordable, convenient and connected."
The combined company will work to improve care delivery
capabilities, lower costs, improve levels of engagement and enable
broad access to high-quality care, especially for Medicare
Advantage customers. Signify clinicians can have an even
greater impact by engaging with CVS Health's unique collection of
assets and connecting consumers to care how and when they need
it.
"Our mission has always been to build trusted relationships to
make people healthier," said Kyle
Armbrester, who will continue to lead Signify Health. "As
part of CVS Health, we will be uniquely positioned as a
payor-agnostic business to support a more proactive, preventive and
holistic approach to patient care."
"We're excited to welcome the Signify team to CVS Health," said
Lynch. "I'm confident our shared values and complementary
capabilities will work together to better address patient
needs."
Under the terms of the transaction, each outstanding share of
Signify Health common stock is being exchanged for $30.50 in cash, representing a total transaction
value of approximately $8 billion.
CVS Health funded the transaction price with existing cash and
available resources and is committed to maintaining its current
credit ratings.
About CVS Health
CVS Health® is the leading health
solutions company, delivering care like no one else can. We reach
more people and improve the health of communities across America
through our local presence, digital channels and over 300,000
dedicated colleagues – including more than 40,000 physicians,
pharmacists, nurses and nurse practitioners. Wherever and whenever
people need us, we help them with their health – whether that's
managing chronic diseases, staying compliant with their medications
or accessing affordable health and wellness services in the most
convenient ways. We help people navigate the health care system –
and their personal health care – by improving access, lowering
costs and being a trusted partner for every meaningful moment of
health. And we do it all with heart, each and every day. Follow
@CVSHealth on social media.
Cautionary Statement Concerning Forward-Looking
Statements
The Private Securities Litigation Reform Act of
1995 provides a safe harbor for forward-looking statements made by
or on behalf of CVS Health Corporation. This press release
contains forward-looking statements, which include all statements
that do not relate solely to historical or current facts, such as
statements regarding the anticipated benefits of the Signify Health
acquisition, the integration of Signify Health and how the combined
business will operate, and the anticipated future operating
performance and results of CVS Health. By their nature, all
forward-looking statements are not guarantees of future performance
or results and are subject to risks and uncertainties that are
difficult to predict and/or quantify. Actual results may
differ materially from those contemplated by the forward-looking
statements. Such risks and uncertainties include, but are not
limited to: risks related to CVS Health's proposed acquisition of
Oak Street Health, Inc.; the COVID-19 pandemic, including the
potential emergence of additional variants, vaccine and testing
protocols, and its impact on the U.S. and global economies and
consumer behavior and health care utilization patterns; economic
conditions in the U.S. and abroad, including inflationary
pressures, high interest rates and supply chain disruptions; and
changes in laws and regulations affecting the CVS Health and/or its
businesses. Certain additional risks and uncertainties are
described in our Securities and Exchange Commission ("SEC")
filings, including those set forth under "Item 1A. Risk Factors"
and under the heading "Cautionary Statement Concerning
Forward-Looking Statements" in our most recently filed Annual
Report on Form 10-K and our other filings with the SEC.
You are cautioned not to place undue reliance on CVS Health's
forward-looking statements. CVS Health's forward-looking statements
are and will be based upon management's then-current views and
assumptions regarding future events and operating performance, and
are applicable only as of the dates of such statements. CVS Health
does not assume any duty to update or revise forward-looking
statements, whether as a result of new information, future events,
uncertainties or otherwise.
Media contact
T.J. Crawford
212-457-0583
CrawfordT2@CVSHealth.com
Investor contact
Larry
McGrath
800-201-0938
InvestorInfo@CVSHealth.com
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SOURCE CVS Health