VillageMD, which has primary care clinics in Walgreens stores across the country, will pay $8.9 billion to acquire Summit Health-CityMD
People wait on a line at a CityMD Urgent Care location on Nov. 17, 2020, in the Forest Hills neighborhood of the Queens borough of New York. Walgreens dove deeper into the health care sector on Nov. 7, 2022, when its VillageMD unit announced it would acquire another primary and urgent care provider, Summit Health-CityMD, in a deal worth close to $9 billion.
Chicago-based VillageMD, which has primary care clinics in Walgreens stores across the country, will pay $8.9 billion to acquire a company that will help it to branch into specialty and urgent care and grow its footprint dramatically. VillageMD announced Monday that it has entered into an agreement to acquire Summit Health-CityMD, which provides primary, urgent and specialty care in New York, New Jersey, Connecticut, Pennsylvania, and Central Oregon.VillageMD has Village Medical clinics that provide primary care in free-standing locations and inside Walgreens stores in more than a dozen states, including Illinois, Arizona, Nevada, Michigan, Indiana, Florida and several northeastern states.
Deerfield-based Walgreens is contributing $3.5 billion to the acquisition, through debt and equity. Walgreens is the largest shareholder in VillageMD, with about 53% ownership. Evernorth, which is Cigna Corporation’s health services organization, is also investing in the acquisition and will be a minority owner in VillageMD.
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