CVS Health's $69 billion acquisition of Aetna is scheduled to close on Wednesday, according to the latest financial filing.
After promising the deal would close before Thanksgiving, the companies were forced to push back the closing date last week while waiting for two states—New Jersey and New York—to approve the merger.
But the deal has received the final regulatory approval necessary to finalize the acquisition, CVS said in a financial filing on Monday. The Department of Justice signed off on the deal last month after Aetna agreed to sell off its Part D business.
"The closing of the acquisition of Aetna is expected to occur on or about November 28, 2018, subject to the satisfaction of all other closing conditions," according to the company.
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The New York Department of Financial Services announced Monday that it has approved the acquisition, with some "key conditions and ongoing oversight," including a $40 million investment in health insurance education and enrollment.
The companies also agreed not to increase premiums in New York to pay for the acquisition or use any funds from an Aetna company covering New Yorkers to pay for the transaction. The state's approval also required the companies to get approval from the state before issuing dividends to stockholders and requires annual reports on promised synergies for the next three years.
“DFS listened to the concerns of the public and has obtained significant commitments from CVS and Aetna to address those concerns, ensuring that the companies hold to their promises of reduced costs and improved health care for New Yorkers, not pass on the costs of this acquisition to New Yorkers, enhance data privacy, and not act in an anti-competitive manner going forward,” New York State Superintendent of Financial Services Maria Vullo said in a statement.
In October, Vullo initially pushed back on the deal, highlighting concerns that the new company could lead to higher drug costs, less transparency, data privacy concerns and higher premiums. But analysts expressed confidence that the acquisition would move forward as planned.
Earlier this month, California regulators signed off on the deal but included language preventing CVS from raising premiums and requiring the company to invest $240 million into the state's healthcare system.