2022-09-06| M&A

CVS Beats Amazon in Signify Bidding War with $8 Billion Acquisition Offer

by Reed Slater
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After Amazon and UnitedHealth Group showed interest in acquiring in-home healthcare platform, Signify Health, CVS went home the winner after promising $30.50 per share in cash, bringing the total acquisition price to $8 billion. The purchase is a significant stepping stone in CVS’s attempt to grow its reach in the retail healthcare space among stiff competition. 
Leveraging Signify’s Platform to Grow CVS’s Retail Healthcare Presence

Signify specializes in home-based healthcare, reaching an estimated 2.5 million unique customers annually with in-person and online services. On top of keeping patients more comfortable in their own homes, the company claims that healthcare providers spend, on average, 2.5 times longer with a patient compared to traditional facility care. 

CVS hopes to embed Signify’s extensive and established network into its own growing retail healthcare operation. The company currently has over 9,000 retail healthcare locations across the US and Puerto Rico and over 1,000 MinuteClinic locations, which cater to patients who want quick care for common illnesses. 

CVS Health President and CEO, Karen S. Lynch, said, “This acquisition will enhance our connection to consumers in the home and enables providers to better address patient needs as we execute our vision to redefine the health care experience. In addition, this combination will strengthen our ability to expand and develop new product offerings in a multi-payor approach."

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