July 15, 2024
Walgreens-backed VillageMD exploring care for Summit Well being (NASDAQ:WBA)

Walgreens-backed VillageMD exploring care for Summit Well being (NASDAQ:WBA)

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VillageMD, which is majority owned by way of Walgreens Boots (NASDAQ:WBA) is alleged to comparing a deal to merge with Warburg Pincus-backed Summit Well being, the father or mother of CityMD.

The purchase of Summit Well being is predicted to worth the blended corporate between $5 billion to $10 billion, in line with a Bloomberg document, which cited folks acquainted. A deal may come in combination within the coming weeks, even though talks would possibly fall aside.

The talks come after Walgreens (WBA) a bit of greater than a 12 months in the past introduced that it has made an extra funding of $5.2B in VillageMD doubling the corporate’s possession stake in the main care services and products supplier. The funding higher WBA’s possession stake in VillageMD to 63% from 30%.

Summit Well being and CityMD merged in August 2019.

The possible deal follows a flurry task within the well being/number one care house in contemporary months together with Amazon’s (AMZN) $3.9 billion introduced acquire of One Scientific (ONEM) in July and CVS Well being’s (CVS) deal to obtain Characterize Well being (SGFY) for approximately $8 billion early final month.

CVS Well being (CVS) was once additionally stated to be in unique to talks to buy Cano Well being (CANO), even though CVS has reportedly walked clear of the discussions.