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Thomas Moriarty, executive Vice President and general counsel at CVS Health, and Thomas Sabatino, executive Vice President and general counsel at Aetna. Photo: Drew Angerer via Getty Images
The Department of Justice has given preliminary approval to CVS Health to acquire Aetna after the insurance company agreed to sell its Medicare prescription drug plan business to WellCare Health Plans, CNBC reports.
Why it matters: Per Axios' Bob Herman, CVS will soon absorb a gigantic health insurance business into its pharmacies, pharmacy benefit manager and clinics, inevitably affecting the health care and pocketbooks of millions of Americans.