The combined company will connect consumers with health resources of CVS in communities across the US and Aetna’s network of providers. Credit: grendel|khan.

CVS Health has completed its acquisition of all outstanding shares of healthcare benefits provider Aetna in a deal valued at $69bn.

Under the agreement, the total value of the transaction announced in December last year will amount to $78bn, including the assumption of Aetna’s debt.

Following the acquisition, the combined company will connect consumers with health resources of CVS Health in communities across the US and Aetna’s network of providers.

CVS Health president and CEO Larry Merlo said: “By delivering the combined capabilities of our two leading organisations, we will transform the consumer health experience and build healthier communities through a new innovative healthcare model that is local, easier to use, less expensive and puts consumers at the centre of their care.

“By fully integrating Aetna’s medical information and analytics with CVS Health’s pharmacy data, we can develop new ways to engage consumers in their total health and wellness through personal contacts and deeper collaboration with their primary care physicians.

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“As a result, we expect patients will benefit from earlier interventions and better-connected care, leading to improved health outcomes and lower medical costs.”

“We expect patients will benefit from earlier interventions and better-connected care, leading to improved health outcomes and lower medical costs.”

The combined company will develop new products and services that will be broadly available to the healthcare marketplace.

Retail pharmacy services, speciality pharmacy and long-term care, walk-in clinical services and PBM services

CVS Health offerings such as retail pharmacy services, speciality pharmacy and long-term care, walk-in clinical services and PBM services will continue to be fully accessible to other health plans.

Going forward, the company plans to introduce programmes and services to increase access to care and help improve health outcomes.

These programmes, in particular, are expected to target better management of chronic disease using the networks and technology.

The company is also developing new medical cost reduction programmes to bring out improvement in medication adherence and avoid hospital readmissions.

The cash portion of the acquisition was funded by CVS Health through existing cash on hand and debt financing.