health companyOak Street, which caters to adult patients on Medicare, has 169 medical centers in 21 states, employing about 600 primary care providers. The all-cash deal has CVS paying $39 per share,"Combining Oak Street Health’s platform with CVS Health’s unmatched reach will create the premier value-based primary care solution," CVS Health President and CEO Karen S. Lynch said in a statement.
Oak Street is projected to expand significantly in coming years. The company expects to grow to more than 300 centers by 2026."This agreement with CVS Health will accelerate our ability to deliver on our mission and continue improving health outcomes, lowering medical costs, and providing a better patient experience while offering significant value to our shareholders," Oak Street Health CEO Mike Pykosz said.
The deal is pending approval by Oak Health shareholders and regulators, but is expected to close some time this year.The deal is CVS Health's latest venture into primary health. Bloomberg reported in October that the company was
And cutting hours in all their pharmacies to pay for it.
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