CVS Health’s $69 billion acquisition of health insurer Aetna is expected to close on Wednesday after the firms received final regulatory approvals from state insurance agencies, the pharmacy chain said in a government filing on Monday.
The deal — which won approval from the Department of Justice in October — is one of several expected to transform the current U.S. healthcare system. Fellow pharmacy benefit manager Express Scripts is finalizing its merger with insurer Cigna after receiving federal approval in September, while Walgreens Boots Alliance and Humana are reportedly in investment talks.
[Related: Prescription drug boom fuels CVS growth in run-up to Aetna merger]
By combining with Aetna, CVS Health says it will reduce overall healthcare costs for consumers, cut $750 million in operational expenses and improve customer adherence to prescription drug-treatment plans.
“The longer-term medical cost savings will come from new programs that are only made possible through the combination and close integration of our two companies ,” Chief Executive Officer Larry Merlo told investors earlier this month.
Revenue at the Woonsocket, R.I.-based pharmacy chain increased 2.4 percent to $47.3 billion in the most recent quarter as same-store prescription treatment sales rose 10 percent.
CVS Health’s stock climbed 4.3 percent to $78.39 in New York trading.
