An agreement could be reached in the coming weeks if talks don’t fall apart first, people familiar with the matter told the news outlet. Walgreens, VillageMD and Walburg Pincus, the private equity firm that owns a majority stake in Summit Health, declined to comment to Bloomberg, while Summit Health didn’t immediately respond to a request for comment.
Walgreens bought a majority stake in VillageMD in 2021 for $5.2 billion as it looks to gain more direct access to patients and compete with fellow healthcare disruptors like CVS Health, which has reportedly been in talks to buy Cano Health, and Amazon, which agreed in July to acquire One Medical for $3.9 billion.
Summit Health, formed by the 2019 merger of Summit Medical Group and CityMD, has more than 370 primary, specialty and urgent care locations across New Jersey, New York, Connecticut, Pennsylvania and Oregon, according to its website.
At the Becker's 11th Annual IT + Revenue Cycle Conference: The Future of AI & Digital Health, taking place September 14–17 in Chicago, healthcare executives and digital leaders from across the country will come together to explore how AI, interoperability, cybersecurity, and revenue cycle innovation are transforming care delivery, strengthening financial performance, and driving the next era of digital health. Apply for complimentary registration now.