CVS Health Corp.'s planned acquisition of Aetna Inc. would create a company with a combined $23.4 billion in retirement plan assets.
CVS, Woonsocket, R.I., announced on Sunday its intention to acquire Hartford, Conn.-based Aetna, in a transaction valued around $77 billion. The deal is expected to close in the second half of 2018, a CVS news release announcing the deal stated. The acquisition is subject to approval by "CVS Health and Aetna shareholders, regulatory approvals and other customary closing conditions," the news release said.
How the combined company would handle the retirement plans has yet to be disclosed.
As of Dec. 31, 2016, the 401(k) Plan and Employee Stock Ownership Plan of CVS Health Corp. and Affiliated Companies had $9.4 billion in assets, according to the company's most recent 11-K filing. CVS had seven defined benefit plans with a total of $624 million in assets as of the same date, according to the company's most recent 10-K filing.
Aetna reported in its most recent 11-K filing that the Aetna 401(k) Plan had $7.5 billion in assets as of Dec. 31, 2016, and the company disclosed $5.9 billion in defined benefit plan assets as of the same date in its most recent 10-K filing.
Officials at both companies could not be immediately reached to provide further information.