CVS closes $10.6B acquisition of Oak Street Health

CVS Health has completed its $10.6 billion acquisition of primary care company Oak Street Health. 

The acquisition, announced Feb. 8, gives CVS access to the Chicago-based company's value-based primary care network with more than 160 clinics in 21 states that primarily focus on Medicare beneficiaries, according to a May 2 press release from CVS. 

Under the deal, Oak Street Health will operate as a multi-payer primary care provider as part of CVS Health.

CVS said it financed the transaction using borrowings from a $5 billion term loan agreement. 

The deal marks CVS' second multibillion-dollar purchase this year. 

On March 29, CVS Health completed its $8 billion acquisition of Signify Health, adding more than 10,000 clinicians to its network. 

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