The deal will move forward now that CVS has received approval from 23 out of 28 states.
CVS Health, which already has stores across the U.S. with pharmacies and retail health clinics—and operates one of the largest pharmacy benefit management businesses in the country—will add the insurance company Aetna to its portfolio once the acquisition closes. CVS Health executives expect this to take place before Thanksgiving (November 22nd).
In order for the deal to go through, CVS and Aetna needed approval from at least 23 of 28 states in which the companies operate. The 23rd approval – New Jersey – was granted in early November. The U.S. Justice Department previously gave approval for the merger on the condition that Aetna's Medicare Part D prescription drug plan business is divested to WellCare Health Plans.