CVS Health seeks to buy Signify Health, WSJ reports

CVS Health logo is seen displayed in this illustration taken, May 3, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

Aug 7 (Reuters) - CVS Health Corp is seeking to buy Signify Health Inc as it looks to expand in-home health services, the Wall Street Journal reported on Sunday, citing sources.

Signify Health is working with bankers to explore strategic alternatives, including a sale, the Journal reported last week.

Initial bids are due this coming week, and CVS is planning to enter one, the report said.

Signify has a market cap of around $4.66 billion based on its stock closing price on Friday, according to Refinitiv calculations.

A spokeswoman for Signify Health said the company does not comment on market rumors. A spokesman for CVS said the company does not comment on rumors or speculation.

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Reporting by Ann Maria Shibu in Bengaluru; additional reporting by Herbert Lash in New York; Editing by Lisa Shumaker and Cynthia Osterman

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