WOONSOCKET, R.I. (UPI) — CVS Health’s $69 billion acquisition of Aetna will take longer than expected as the retail pharmacy needs approval from two more state departments of insurance.
Earlier this month, CVS CEO Larry Merlo said the deal was on track to close before Thanksgiving. In a SEC filing Tuesday, the company said that now won’t happen until after the holiday.
“CVS Health has made significant progress and is in the final states of the approval process with the remaining two states,” CVS said in the filing. “As a result, the acquisition is now expected to close after the Thanksgiving holiday.”
To get past antitrust concerns, CVS announced it would sell its WellCare Health Plans to prevent overlap with Aetna’s Medicare Part D plans. The Department of Justice gave preliminary approval to the deal last month.
In the SEC filing, CVS also said Eva Boratto will be the new executive vice president and chief financial officer and James Clark will be appointed senior vice president, controller and chief accounting officer when the deal closes.
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