CVS Health now anticipates its roughly $69 billion acquisition of health insurer Aetna to close after Thanksgiving, the company said Tuesday in a regulatory filing. Executives earlier this month said they expected the deal to close before the holiday.
The company said it has received approval from 26 of the 28 state departments of insurance it needs in order to close the deal, CVS said Tuesday in a form filed with the U.S. Securites and Exchange Commission. CVS in the filing said it has made "significant progress" in the approval process and is in "the final stages" with the remaining two states.
On a Nov. 6 call with Wall Street analysts to discuss third-quarter earnings results, CVS CEO Larry Merlo said state approvals of the deal were on track to allow the companies to close before Thanksgiving.
The two companies first announced the transaction last December. The Department of Justice granted preliminary approval of the deal in October. CVS said it would sell its Medicare Part D drug plan business to WellCare Health Plans for an undisclosed amount in order ease concerns about the overlap between CVS' and Aetna's Medicare Part D plans.
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