CVS Digs Into Primary Care With $9.5 Billion Oak Street Health Deal

- CVS Health Corp will buy Oak Street Health Inc for about $9.5 billion in cash, joining rivals in adding primary care to its portfolio as pressure mounts on its health insurance business.

CVS Health, among the nation's largest pharmacy chains, pharmacy benefit managers and health insurers with its Aetna unit, had been in the market for a medical services acquisition since last year. The Oak Street deal will add over 160 primary care centers that offer routine health screening and diagnosis to older adults.

The company also aims to grow the number of Oak Street patients over time and improve its retention of Aetna Medicare Advantage patients who seek care at Oak Street clinics. However, CVS will now have its"work cut out" with antitrust regulators, said Evercore analyst Elizabeth Anderson, as it seeks regulatory approval for both the Oak Street deal and pending $8 billion acquisition of home health provider Signify Health.

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