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CVS announces it will buy home health provider Signify for $8 billion

"With the recent spike in COVID-19 infections, we're joining others in taking the next step and requiring all customers to wear face coverings when entering any of our stores throughout the country effective Monday, July 20," CVS officials said Thursday.
David J. Phillip
/
AP
The acquisition would continue CVS Health's effort to grow from its pharmacy-chain roots to other sectors of the health industry.

CVS Health CEO Karen Lynch says the deal will increase her company's connection to consumers in their homes.

Drugstore operator CVS Health on Monday announced it has an agreement to buy home health care provider Signify Health for $8 billion.

CVS says Signify has more than 10,000 clinicians including doctors, nurses and physician assistants.

CVS Health CEO Karen Lynch says the deal will increase her company's connection to consumers in their homes.

The deal is part of a long-term trend of CVS growing from its pharmacy-chain roots into other sectors of the health industry. Back in 2018, CVS paid $69 billion to buy health insurance company Aetna.

The purchase also includes Caravan Health, which Signify agreed to buy this year. Caravan works with accountable care organizations, which are groups of hospitals, doctors and other providers who serve Medicare patients.

CVS said it expects to close the deal early next year.

The deal is subject to regulatory approval and a vote of Signify shareholders.