Connecticut

Conn. Insurance Department Approves CVS Health-Aetna Merger

The Connecticut Insurance Department has approved the $69 billion merger between CVS Health Corporation and Aetna.

The agency released their decision approving the merger Wednesday. The Justice Department approved the deal last week on the condition that Aetna moves ahead with its plan to sell its Medicare Part D prescription drug plan business, resolving some anti-monopoly issues.

CVS announced plans to buy Hartford, Connecticut's Aetna late last year. The deal is expected to give the Woonsocket, Rhode Island, drugstore chain a bigger role in health care, with the companies combining to manage care through CVS stores, clinics and prescription drugs.

Earlier this month, CVS committed to keeping the Aetna headquarters in Connecticut for at least the next 10 years. Aetna and its subsidiaries employ about 5,200 people in Connecticut as of Oct. 1.

Gov. Dannel Malloy praised the move as one that is good for Connecticut.

“Today’s approval means that Aetna will continue to call Connecticut its home for many years to come. CVS Health has an incredible record of corporate stewardship, and we welcome their leadership and commitment to keeping Hartford a center of excellence for the insurance business. The state is committed to continuing to work with CVS Health’s leadership team to facilitate the growth of their presence here and support the thousands of jobs that they bring to our communities. I thank Insurance Commissioner Wade for her steadfast commitment to negotiating the best terms and conditions for the people of Connecticut,” Malloy said in a statement.

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