Shearman & Sterling advised CVS Health in a definitive agreement to acquire Oak Street Health in an all-cash transaction valued at $39 per share, representing an enterprise value of approximately $10.6 billion. The transaction was announced on Feb. 8 in a press release.

Oak Street Health is a leading multi-payor, value-based primary care company that employs approximately 600 primary care providers and operates 169 medical centers across 21 states. CVS Health is the leading health solutions company. Following the close of the transaction, Oak Street Health will become part of CVS Health’s recently formed Health Care Delivery organization.

The Team