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CVS to acquire Aetna for $69 billion

Justin Sullivan/Getty Images(NEW YORK) -- CVS Health has agreed to acquire Aetna in a deal that could shake up the health care industry.

The deal, which still requires approval by antitrust regulators, is worth about $69 billion at $207 per share.

CVS Health President and CEO Larry Merlo said in a statement the merger "brings together the expertise of two great companies to remake the consumer health care experience."

"With the analytics of Aetna and CVS Health's human touch, we will create a health care platform built around individuals," he said. "We look forward to working with the talented people at Aetna to position the combined company as America's front door to quality health care, integrating more closely the work of doctors, pharmacists, other health care professionals and health benefits companies to create a platform that is easier to use and less expensive for consumers."

A merger of drugstore giant CVS with Aetna, one of the biggest health insurers in the U.S., could reshape the industry and change the health care experience as Americans face higher medical and prescription costs.

CVS said in a statement the merger will provide a "personalized health care experience" by connecting Aetna's network with more than 9,700 CVS locations and 1,100 walk-in clinics.

The pharmacy giant also said it envisions many locations offering a "community-based health hub dedicated to connecting the pathways needed to improve health and answering patients' questions about their health conditions, as well as prescription drugs and health coverage."

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