VillageMD has announced it has entered a definitive agreement to acquire Summit Health-CityMD, a leading provider of primary, specialty and urgent care. The transaction is valued at approximately US$8.9 billion with investments from Walgreens Boots Alliance, Inc. (Nasdaq: WBA) and an affiliate of Evernorth, a subsidiary of Cigna Corporation (NYSE:CI). The transaction is subject to the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and other customary closing conditions. It is expected to close in the first quarter of calendar 2023.
Latham & Watkins LLP represents VillageMD in the acquisition, as well as equity and debt financings and other corporate matters in connection with the transaction, with a corporate team led by New York partners Nathan Ajiashvili, John Giouroukakis, and Dennis Lamont and Boston partner Dan Hoffman, with associates Erik Thompson, S. Elizabeth Kim, Alex Bernstein, Michael Wright, Kaj Nielsen, Matt DeSilva, and Jihoo Kim. Advice was also provided on tax matters by New York partner Jocelyn Noll, with associate Shruti Hazra; on benefits & compensation matters by Washington, D.C. partner David Della Rocca, with associate Nikhil Kumar; on healthcare regulatory matters by Washington, D.C. partner Stuart Kurlander and Washington, D.C. counsel Nicole Liffrig Molife; and on IP matters by Boston partner Sarah Gagan.