CVS makes primary care play with $10.6 billion Oak Street Health deal

The all-cash deal brings 169 medical centers across 21 states under the drugstore giant’s fold.

For CVS, the deal expands on a suite of health care goods and services that includes its expansive network of drugstores and the health insurer Aetna, which it acquired for $78 billion five years ago. It also gains Oak Street’s user interface, Canopy, which is used to coordinate care much like the platform used by Amazon’s One Medical.

Oak Street will be folded into a new health care delivery organization within CVS, and will continue to be led by chief executive Mike Pykosz.This is a developing story and will be updated.

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