» Subscribe Today!
More of what you want to know.
The Daily News
X

Forgot your password?
Skip Navigation LinksHome >
VOL. 126 | NO. 42 | Wednesday, March 2, 2011

CVS Says FTC OKs Buyout of Universal American Unit

The Associated Press

Print | Front Page | Email this story | Comments ()

NEW YORK (AP) CVS Caremark Corp. said Tuesday that federal antitrust regulators cleared its planned acquisition of insurer Universal American Corp.'s Medicare Part D prescription drug business.

CVS and Universal American said the Federal Trade Commission has ended a mandatory review of the $1.25 billion deal. Universal American shareholders and state regulators still need to clear the deal.

The companies announced the transaction Dec. 31, and they expect it to close by the end of the second quarter.

CVS, of Woonsocket, R.I., said it wants to acquire the Medicare Part D business because more Americans will have Medicare prescription drug coverage as the population ages.

Universal American will retain its Medicare Advantage and traditional insurance businesses.

Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Sign-Up For Our Free Email Edition
Get the news first with our daily email


 
Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 82 82 19,655
MORTGAGES 75 75 22,989
FORECLOSURE NOTICES 0 0 8,305
BUILDING PERMITS 138 138 40,167
BANKRUPTCIES 72 72 13,176
BUSINESS LICENSES 9 9 6,146
UTILITY CONNECTIONS 52 52 13,048
MARRIAGE LICENSES 30 30 4,872

Weekly Edition

Issues | About

The Memphis News: Business, politics, and the public interest.