Shares of CVS Health as well as Aetna edged higher Wednesday as the companies come closer to winning regulatory approval for their $69 billion merger.
The Justice Department is usually required to approve the deal as early as Wednesday, according to people briefed on the matter. Shares of Aetna were up 1 percent in morning trading, while CVS rose nearly 1 percent.
The announcement is usually imminent, these people said.
The companies cleared their path to approval when Aetna announced Sept. 27 of which the item reached an agreement to sell its Medicare Part D drug plan business to WellCare Health Plans for an undisclosed amount. Regulators were reportedly concerned about the overlap between CVS’ as well as Aetna’s Medicare Part D plans. WellCare shares rose fractionally in morning trading.
CVS, the nation’s largest drugstore chain, announced in December of which the item would likely buy Aetna for about $69 billion in cash as well as stock. The deal combines CVS’ pharmacies with Aetna’s insurance business, blurring traditionally distinct lines in hopes of lowering costs. CVS also has one of largest pharmacy benefits managers through CVS Caremark as well as a major Medicare Part D plan sponsor through its SilverScript unit.