WOONSOCKET, R.I. and DALLAS and NEW
YORK, March 27, 2023 /PRNewswire/ -- CVS
Health® (NYSE: CVS) today announced it expects to complete its
acquisition of Signify Health (NYSE: SGFY) on or around
March 29, 2023, subject to the
satisfaction or waiver of the remaining customary closing
conditions set forth in the merger agreement.
The companies entered into a definitive agreement in
September 2022 under which CVS Health
announced it would acquire Signify Health for $30.50 per share in cash for a total transaction
value of approximately $8 billion.
Upon completion of the acquisition, Signify Health will continue to
operate as a payor-agnostic business as part of CVS Health.
About CVS Health
CVS Health® is the leading health solutions company, delivering
care like no one else can. We reach more people and improve the
health of communities across America through our local presence,
digital channels and over 300,000 dedicated colleagues – including
more than 40,000 physicians, pharmacists, nurses and nurse
practitioners. Wherever and whenever people need us, we help them
with their health – whether that's managing chronic diseases,
staying compliant with their medications or accessing affordable
health and wellness services in the most convenient ways. We help
people navigate the health care system – and their personal health
care – by improving access, lowering costs and being a trusted
partner for every meaningful moment of health. And we do it all
with heart, each and every day. Follow @CVSHealth on social
media.
About Signify Health
Signify Health is a leading health care platform that
leverages advanced analytics, technology, and nationwide healthcare
provider networks to create and power value-based payment programs.
Our mission is to build trusted relationships to make people
healthier. Our solutions support value-based payment programs by
aligning financial incentives around outcomes, providing tools to
health plans and healthcare organizations designed to assess and
manage risk and identify actionable opportunities for improved
patient outcomes, coordination, and cost-savings. Through our
platform, we coordinate what we believe is a holistic suite of
clinical, social, and behavioral services to address an
individual's healthcare needs and prevent adverse events that drive
excess cost, all while shifting services towards the home.
CVS Health Contacts:
Media
T.J. Crawford
212-457-0583
CrawfordT2@CVSHealth.com
Investors
Larry
McGrath
800-201-0938
investorinfo@cvshealth.com
Signify Health Contacts:
Media
Lynn Shepherd
610-613-7263
lshepherd@signifyhealth.com
Investors
Jason
Plagman
investor.relations@signifyhealth.com
Cautionary Statement Concerning Forward-Looking
Statements
The Private Securities Litigation Reform Act of 1995 provides a
safe harbor for forward-looking statements made by or on behalf of
CVS Health or Signify Health. Statements in this press release that
are forward looking include, but are not limited to, statements
regarding the expected timing of the closing of the proposed
acquisition. By their nature, all forward-looking statements are
not guarantees of future performance or results and are subject to
risks and uncertainties that are difficult to predict and/or
quantify. Such risks and uncertainties include, but are not limited
to, the occurrence of any event, change or other circumstance that
could give rise to the right of CVS Health or Signify Health or
both of them to terminate the merger agreement, including
circumstances requiring a party to pay the other party a
termination fee pursuant to the merger agreement; the risk that the
acquisition may not close in the anticipated timeframe or at all
due to one or more of the other closing conditions to the
transaction not being satisfied or waived; risks related to the
ability of CVS Health and Signify Health to successfully integrate
the businesses and achieve the expected synergies and operating
efficiencies within the expected timeframes or at all and the
possibility that such integration may be more difficult, time
consuming or costly than expected; risks related to disruption of
management time from ongoing business operations due to the
proposed transaction; the risk that any announcements relating to
the consummation of the proposed transaction could have adverse
effects on the market price of CVS Health's and Signify Health's
common stock, credit ratings or operating results; the risk that
the proposed transaction could have an adverse effect on the
ability of CVS Health and Signify Health to retain customers and
maintain relationships with each of their business partners,
suppliers and customers and on their operating results and
businesses generally; the risk of litigation and/or regulatory
actions related to the proposed acquisition; and other business
effects, including the effects of industry, market, economic,
political or regulatory conditions. Also, CVS Health's and Signify
Health's actual results may differ materially from those
contemplated by the forward-looking statements for a number of
additional reasons as described in their respective Securities and
Exchange Commission ("SEC") filings, including those set forth in
the Risk Factors section and under the heading "Cautionary
Statement Concerning Forward-Looking Statements" in CVS Health's
and Signify Health's respective most recently filed Annual Reports
on Form 10-K.
You are cautioned not to place undue reliance on CVS Health's or
Signify Health's forward-looking statements. CVS Health's and
Signify Health's respective forward-looking statements are and will
be based upon each company's management's then-current views and
assumptions regarding CVS Health's proposed acquisition of Signify
Health, future events and operating performance, and are applicable
only as of the dates of such statements. Neither CVS Health nor
Signify Health assumes any duty to update or revise forward-looking
statements, whether as a result of new information, future events,
uncertainties or otherwise.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/cvs-health-to-close-acquisition-of-signify-health-301781642.html
SOURCE CVS Health