CVS Health - M&A Summary and Business Overview

Healthcare ServicesCompany

CVS Health M&A Summary

CVS Health has acquired 18 companies, including 3 in the last 5 years. A total of 2 acquisitions came from private equity firms. It has also divested 5 assets.

CVS Health’s largest acquisition to date was in 2017, when it acquired Aetna for $77.0B. It’s largest disclosed sale occurred in 2017, when it sold RXC Acquisition to McKesson for $735M. CVS Health has acquired in 15 different US states. The Company’s most targeted sectors include retail (39%) and healthcare services (34%).

CVS Health Business Overview

Where is CVS Health headquartered?

CVS Health is headquartered in Woonsocket, Rhode Island.

What is CVS Health’s revenue?

CVS Health disclosed revenue of 357,776M USD for 2023 and 322,467M USD for 2022.

How many employees does CVS Health have?

CVS Health has 219,000 employees.

What sector is CVS Health in?

CVS Health is a healthcare services company.

When was CVS Health founded?

CVS Health was founded in 1996.

M&A Summary

  • M&A Total Activity23
    • M&A Buy Activity18
    • M&A Sell Activity5
  • Total Sectors Invested 5
  • Total Countries Invested 1
  • M&A Buy/Sell Connections 14
  • M&A Advisors 12

CVS Health

CVS Health Corp.

One CVS Drive,
Woonsocket, Rhode Island 02895
United States,
(401) 765-1500
www.cvshealth.com

CVS Health operates retail pharmacies, and walk-in medical clinics, and is a pharmacy benefits manager. The Company enables people, businesses, and communities to manage health in a variety of ways. CVS Health advises patients on medications at CVS/pharmacy locations, helps clients control costs at CVS/caremark, and delivers care through CVS/specialty and CVS/minuteclinic. CVS Health was founded in 1996 and is based in Woonsocket, Rhode Island.


M&A Summary

Buy vs Sell

Year ≤ '19 '20 '21 '22 '23 '24 T
Buy (0.4/yr) # 16 - - 1 1 - 18
vol $122.7B $8.0B $1.1B $131.8B
Sell (0.4/yr) # 3 1 - 1 - - 5
vol $1.5B $1.5B
  23

Most Recent M&A

Company Date Value Type
Oak Street Health LLC 2023-02-08 1.1B USD Add-on Acquisition
Chicago, Illinois · www.oakstreethealth.com
bswift LLC 2022-10-03 - Divestiture
Chicago, Illinois · www.bswift.com
Signify Health, Inc. 2022-09-05 8.0B USD Add-on Acquisition
Dallas, Texas · www.signifyhealth.com
Coventry Workers'​ Comp Services 2020-03-02 - Divestiture
Downers Grove, Illinois · www.coventrywcs.com
IlliniCare Health Plan, Inc. - Medicaid and Medicare Advantage Business 2019-12-02 - Divestiture
Westmont, Illinois
Altius Health Plan, Inc. 2018-08-09 - Divestiture
South Jordan, Utah · www.altius.coventryhealthcare.com
Apothecary By Design 2018-01-05 - Add-on Acquisition
Portland, Maine · www.abdrx.com
Billnat Corp. 2018-01-01 - Add-on Acquisition
Livonia, Michigan
Aetna, Inc. 2017-12-03 77.0B USD Add-on Acquisition
Hartford, Connecticut · www.aetna.com
Geneva Woods Pharmacy, Inc. 2017-12-01 - Add-on Acquisition
Anchorage, Arkansas · www.genevawoods.com
View All >>

Business Unit M&A

Company Acquired Add-On/Sale Date #
Aetna, Inc. 2017-12-03 Indian Health Organisation Pvt. Ltd. 2023-02-09 4
Hartford, Connecticut · www.aetna.com New Delhi, India · www.vhealth.io
CVS Pharmacy, Inc.    - MedAvail - SpotRx pharmacies 2023-01-26 4
Woonsocket, Rhode Island · www.cvs.com Phoenix, Arizona
Aetna, Inc. 2017-12-03 PayFlex Systems USA, Inc. 2022-04-05 3
Hartford, Connecticut · www.aetna.com Omaha, Nebraska · www.payflex.com
CVS Pharmacy, Inc.    - Schnuck Markets, Inc. - Retail & Specialty Pharmacy Businesses 2020-03-10 3
Woonsocket, Rhode Island · www.cvs.com St. Louis, Missouri
CVS Pharmacy, Inc.    - Ritzman Pharmacies - 20 retail pharmacies 2019-01-07 2
Woonsocket, Rhode Island · www.cvs.com Rittman, Ohio
Aetna, Inc. 2017-12-03 Aetna, Inc. - Medicare Part D Business 2018-09-27 2
Hartford, Connecticut · www.aetna.com Hartford, Connecticut
Aetna, Inc. 2017-12-03 Medicity, Inc. 2018-07-11 1
Hartford, Connecticut · www.aetna.com Salt Lake City, Utah · www.medicity.com

M&A by Sector

Sector Buy # Value Sell # Value
Retail 7 (39%) 10.6B (8%) 1 (20%) 550M (36%)
Healthcare Services 6 (33%) 36.2B (27%) 2 (40%) 985M (64%)
Insurance 3 (17%) 77.0B (58%) 1 (20%) -
Information Technology 1 (6%) 8.0B (6%) - -
Life Science 1 (6%) - - -
Internet Software and Services - - 1 (20%) -
Total 18 $131.8B 5 $1.5B

By Geo

State/Country Buy Value Sell Value
United States 18 131.8B 5 1.5B
  Illinois 2 1.1B 2 -
  Michigan 2 1.5B - -
  Florida 2 4.5B - -
  Utah 1 - - -
  Texas 1 8.0B - -
  Tennessee 1 21.0B - -
  Rhode Island 1 - - -
  Ohio 1 12.9B - -
  New York 1 1.3B - -
  Minnesota 1 1.9B - -
  Maine 1 - - -
  Connecticut 1 77.0B - -
  Colorado 1 - - -
  California 1 2.7B - -
  Arkansas 1 - - -
  Massachusetts - - 1 550M
  Maryland - - 1 250M
  Kentucky - - 1 735M
Total 18 $131.8B 5 $1.5B

Top M&A Advisors

Financial Deals
Barclays Investment Bank
 3
Evercore Group
 2
BofA Securities
 2
Legal Deals
Dechert
 7
Fried Frank Harris Shriver & Jacobson
 4
McDermott Will & Emery
 3

Deal Values

buy # Total
> $1B 10 $131.8B
TOTAL $131.8B
Largest Aetna, Inc.
$77.0B (2017-12-03)
sell # Total
$100M to $1B 3 $1.5B
TOTAL $1.5B
Largest RXC Acquisition Co.
$735M (2017-11-06)

M&A Connections

Deals
Acquired from
Investor(s)
11%
2 (11%)
Strategic(s)
33%
6 (33%)
Divested to
Investor(s)
20%
1 (20%)
Strategic(s)
80%
4 (80%)

Company Summary

SECTOR

Healthcare Services

Revenue

357,776   11% 2023
322,467   11% 2022
292,111   9% 2021
268,706   5% 2020
256,776   32% 2019
194,579   6% 2018
184,765   5% 2017
177,526   16% 2016
153,290   10% 2015
139,367   10% 2014
126,761   3% 2013
123,120   2012
(millions of USD) Show More Show Less

Employees

219,000

Established

1996

Public

NYSE: CVS

Former Name

CVS Caremark Corp.

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