The Connecticut Insurance Department has approved CVS Health’s multi-billion-dollar merger with Aetna Inc., Gov. Dannel P. Malloy announced this week. The decision was issued Wednesday.
According to the order, approval of the $69 billion merger is contingent on Aetna selling its entire standalone Medicare Part D prescription plan business to a subsidiary of WellCare Health Plans, an insurance company based in Tampa, Florida. WellCare agreed to sell the Part D business in September.
“Today’s approval means that Aetna will continue to call Connecticut its home for many years to come,” Malloy said in a statement. “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.”
Just weeks ago, CVS Health notified the state it planned to keep Aetna’s headquarters in Hartford for at least the next decade. The company also pledged to maintain current staffing levels for at least four years and honor any existing philanthropic agreements.
“Aetna has been an anchor in Hartford for more than a century,” Lt. Gov. Nancy Wyman said at the time. “Hartford has always been known as the insurance capital, and it is only fitting that they remain a driving force of economic growth in the region.”
The U.S. Department of Justice approved the CVS-Aetna merger last week, with contingencies. Before the the merger can be finalized, it needs to be approved by an additional handful of state insurance regulators.
“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,” Malloy said. “I thank Insurance Commissioner Wade for her steadfast commitment to negotiating the best terms and conditions for the people of Connecticut.”
After graduating from Indiana University-Bloomington with a bachelor’s in journalism, Anicka joined TriMed’s Chicago team in 2017 covering cardiology. Close to her heart is long-form journalism, Pilot G-2 pens, dark chocolate and her dog Harper Lee.