U.S. Justice Dept seeks more details on $8 billion CVS-Signify Health deal By Reuters

Investors Anticipate Risk-On Signals in Tomorrow's Fed Meeting: Are They Wrong?

U.S. Justice Dept seeks more details on $8 billion CVS-Signify Health deal

Economy Oct 20, 2022 04:22PM ET

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U.S. Justice Dept seeks more details on $8 billion CVS-Signify Health deal

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(Reuters) -The U.S. Department of Justice has asked for more details on CVS Health Corp (NYSE:CVS)'s proposed $8 billion deal to buy Signify Health, in a possible indication that the companies face a longer deal investigation rather than a quick approval.

The deal, announced last month, was expected to face a tough antitrust review even though the two companies do not compete directly in any market, according to experts.

Large mergers and acquisitions have come under intense antitrust scrutiny, and lowering healthcare costs has been an important strategic mission for the Biden Administration.

UnitedHealth Group (NYSE:UNH) earlier this month completed its acquisition of Change Healthcare (NASDAQ:CHNG), after over a year of antitrust scrutiny.

Acquiring Signify Health will enable CVS, which operates a pharmacy chain, a health insurance business and offers pharmacy benefit management services, to provide further care management for at-home patients.

The deal is expected to close in the first half of 2023, CVS said in a filing on Thursday.

Signify offers technology and analytics to help with at-home care for patients. It has said its services can help identify potential health risks and gaps in care.

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U.S. Justice Dept seeks more details on $8 billion CVS-Signify Health deal

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