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Illinois

VillageMD will pay $8.9 billion to acquire the health care provider

Chicago-based VillageMD, which has primary care clinics in Walgreens stores nationwide, will pay $8.9 billion to acquire the company, which will help it expand into specialty and urgent care and dramatically expand its footprint.

VillageMD announced Monday that it has entered into an agreement to acquire Summit Health-CityMD, a primary, urgent and specialty care provider in New York, New Jersey, Connecticut, Pennsylvania and Central Oregon.

VillageMD has Village Medical primary care clinics in select Walgreens locations and stores in more than a dozen states, including Illinois, Arizona, Nevada, Michigan, Indiana, Florida and several northeastern states.

Together, VillageMD and Summit Health will have 680 providers nationwide.

Deerfield-based Walgreens is investing $3.5 billion in debt and equity in the acquisition. Walgreens is VillageMD’s largest shareholder with about 53% ownership.

Evernorth, which is a healthcare arm of Cigna Corporation, will also invest in the acquisition and will be a minority owner of VillageMD.

Still to come.

https://www.chicagotribune.com/business/ct-biz-village-md-walgreens-acquire-summit-20221107-faqjndaj6zg4ba7rxy3vtovf34-story.html#ed=rss_www.chicagotribune.com/arcio/rss/category/news/

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