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CVS To Buy $1.25B Universal American Unit

CVS Caremark will acquire the Medicare Part D prescription drug unit of Universal American.

CVS Caremark will acquire the Medicare Part D prescription drug unit of Universal American, The Wall Street Journal reports. The U.S. pharmacy service provider will pay a total of $1.25 billion for the acquisition.

As part of the deal, CVS will acquire all the outstanding stock of Universal American and allocate 100% of a newly formed public company to the company’s shareholders. Universal American holders will receive one share of the new company in exchange for each share of Universal American they currently own.

Click here for the story from The Wall Street Journal.

Click here for additional coverage from Reuters.

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