(RTTNews) - CVS Health Corp. (CVS), a healthcare provider, announced Wednesday that it has completed its acquisition of Signify Health (SGFY), a technology and services company. Under the deal terms, each Signify Health stock is being exchanged for $30.50 in cash, representing a total transaction value of around $8 billion.
CVS Health funded the deal price with existing cash and available resources.
Following the deal, Kyle Armbrester will continue to lead Signify Health, which brings clinicians into the home to identify chronic conditions. Signify has a network of more than 10,000 clinicians in all 50 states, who spend an average of 2.5 times longer with a member during home visits than an average visit with a primary care provider.
The combined company is expected to deliver a superior health care experience and drive improved health outcomes. It will work to improve care delivery capabilities, lower costs, improve levels of engagement and enable broad access to high-quality care, especially for Medicare Advantage customers.
CVS Health President and CEO Karen Lynch, said, "Our expanded capabilities will bring us closer to the consumer as we continue to redefine how people access and experience care that is more affordable, convenient and connected.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.