CVS Health-Aetna $69 Billion Merger Approved By Justice Dept.

NEW YORK — A $69 billion merger between Woonsocket based retail chain CVS Health and health insurance company Aetna got the green light from the U.S. Justice Department Wednesday.

The Justice Department approved the deal on the condition that Aetna sells its Medicare Part D prescription plan business, a plan the company set to resolve some anti-monopoly issues.

Last month, Aetna announced it would sell that division of its business to Wellcare Health Plans for an undisclosed amount.

CVS originally announced plans to buy the Hartford, Connecticut based Aetna late last year. The deal is expected to give the Woonsocket drugstore chain a bigger role in the health care that's more tailored to the individuals, CVS CEO Larry Merlo said in a press conference on Sept. 20.

According to Merlo, the two companies merging creates a model that's "easier to use, less expensive and puts people at the center of their care."

Photo credit: Justin Sullivan / Staff