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Shearman & Sterling Advises CVS Health on Its $69 Billion Acquisition of Aetna

4 Dec 2017

Shearman & Sterling is advising CVS Health on its $69 billion acquisition of Aetna. This industry-transforming transaction is expected to provide more integrated and efficient healthcare services for consumers and health professionals.

Under the terms of the agreement, Aetna shareholders will receive $207 per share, comprising $145 in cash and $62 in CVS stock. Including the assumption of Aetna's net debt, the total deal value of the deal is $77 billion. The deal is subject to CVS Health and Aetna shareholder approval, regulatory approvals and other customary closing conditions and is expected to close in the second half of 2018. Upon closing, CVS Health shareholders will own approximately 78 percent of the combined company and Aetna shareholders will own approximately 22 percent.

The Shearman & Sterling team was led by partners Creighton Condon, Robert Katz, Dan Litowitz (all New York-Mergers & Acquisitions), Doreen Lilienfeld (New York-Compensation, Governance & ERISA), Stephen Giove, Lona Nallengara (both New York-Capital Markets), Gus Atiyah (Washington, DC-Finance), Alan Goudiss, Mallory Brennan (both New York-Litigation), Larry Crouch (Menlo Park-Tax), Ethan Harris (Washington, DC-Tax) and Jordan Altman (New York-Intellectual Property Transactions). The team also included associates Cody Wright, Katie Butler, Christopher Tomlinson, Kaitlin Bruno, Kotoe Oshima (all New York-Mergers & Acquisitions), Rupa Briggs, Daniel Yao, Gina Lee (all New York-Capital Markets), Matthew Weston, Jai Garg (both New York-Compensation, Governance & ERISA), Barbara Zylberg, Arman Naraghi-Pour (both New York-Finance), Magnus Wieslander (Toronto-Finance), David Selesnick (New York-Litigation), Ryan Bray (Menlo Park-Tax) and Eric Grosshandler (New York-Tax).

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