Fairness opinions › Acquirers
CVS Health: healthcare acquisitions with fairness opinions
4 public-company targets, 2015-2023, $102B combined enterprise value. The multiples CVS Health paid and the banker analyses behind each target board's recommendation.
Deals
4
Median EV / EBITDA paid
15.8x
Median EV / revenue paid
3.38x
| Announced | Target | Acquirer | Segment | EV | EV/EBITDA | EV/Rev | DCF rate | Fairness opinion |
|---|---|---|---|---|---|---|---|---|
| 2023-02-08 | Oak Street Health | CVS Health | Physician Groups | $11B | — | 4.90x | 11.3%–13.5% | Centerview Partners |
| 2022-09-05 | Signify Health | CVS Health | Physician Groups | $7.3B | 33.0x | 8.60x | 9.5%–11.5% | Goldman Sachs, Deutsche Bank |
| 2017-12-03 | Aetna | CVS Health | Managed Care | $71B | 12.1x | 1.18x | 7.0%–8.5% | Allen, Barclays, Goldman Sachs, Centerview Partners |
| 2015-05-21 | Omnicare | CVS Health | Pharmacy / Infusion | $12B | 15.8x | 1.87x | 8.0%–9.5% | Centerview Partners, BofA Securities |