VillageMD, a unit of Walgreens Boots Alliance, announced a deal today to acquire Summit Health, a major owner of medical practices and urgent-care centers. The transaction is worth roughly $9 billion including debt, the latest in a series of acquisitions by large consumer-focused companies aiming to penetrate deeper into medical care.
Summit is the parent company of CityMD urgent-care centers.
Health insurer Cigna is also expected to invest in the combined company.
Summit Health, which is backed by private-equity firm Warburg Pincus, operates more than 370 locations in New York, New Jersey, Connecticut, Pennsylvania and Central Oregon. Current and former physicians also hold large equity stakes in the business.
