Walgreens-backed VillageMD nears $9 billion deal with Summit Health - WSJ
(Reuters) -VillageMD, a healthcare provider majorly owned by Walgreens Boots Alliance Inc, is nearing a deal to combine with Summit Health in a deal worth roughly $9 billion including debt, the Wall Street Journal reported, citing sources.
Health insurer Cigna Corp is expected to invest in the combined company, according to the report published on Sunday.
Walgreens, one of the largest U.S. pharmacy chain, had invested $5.2 billion in VillageMD last October in a bid to expand its primary healthcare services at its stores. Village MD has more than 200 locations across 15 markets.
Summit Health, owner of CityMD, which operates a chain of medical clinics in the United States is backed by Warburg Pincus. It has over 13,000 employees and operates in over 370 locations.
Walgreens Boots, Cigna and Summit Health did not respond to Reuters' request for comments outside regular business hours, while VillageMD could not be immediately contacted.
(Reporting by Rittik Biswas and Shivani Tanna in Bengaluru; Editing by Sherry Jacob-Phillips and Rashmi Aich)
