VillageMD acquired Summit Health-CityMD.
VillageMD announced that it is acquiring Summit Health-CityMD, creating one of the largest independent healthcare providers in the US.
VillageMD mainly delivers primary healthcare services, and Summit Health-CityMD provides primary, specialty, and urgent care. The transaction is worth $8.9 billion, including investments from Walgreens Boots Alliance and Evernorth. In 2019, Summit Healthcare merged with CityMD to form Summit Health-CityMD.
The companies announced that with the acquisition, the combined company could use the value-based care of VillageMD and Summit Health-CityMD's expertise in delivering multispeciality care.
With the acquisition, VillageMD and SummitHealth-CityMD have more than 680 facilities across 26 regions.
Last year, Walgreens invested $5.2 billion into VillageMD to rollout doctor staffed clinical at its pharmacies. This helped Walgreens to gain more than 60% of its stake in VillageMD.