The acquisition, announced Feb. 8, gives CVS access to the Chicago-based company’s value-based primary care network with more than 160 clinics in 21 states that primarily focus on Medicare beneficiaries, according to a May 2 press release from CVS.
Under the deal, Oak Street Health will operate as a multi-payer primary care provider as part of CVS Health.
CVS said it financed the transaction using borrowings from a $5 billion term loan agreement.
The deal marks CVS’ second multibillion-dollar purchase this year.
On March 29, CVS Health completed its $8 billion acquisition of Signify Health, adding more than 10,000 clinicians to its network.