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WOONSOCKET, R.I., and RYE BROOK, N.Y. — In connection with the previously announced $1.25 billion acquisition of the Medicare Part D business of Universal American by CVS Caremark, both companies have announced that the Federal Trade Commission has granted early termination of the waiting period under the Hart-Scott-Rodino Act.
The transaction is expected to close by the end of second quarter 2011 and is subject to customary closing conditions, including approval of Universal American shareholders and state regulatory approvals.
The acquisition will more than double the size of CVS Caremark's Medicare Part D program.
"With this step, we are much closer to furthering CVS Caremark's position as a significant player in one of the nation's fastest-growing segments of the pharmacy benefit management industry. Now that we have achieved this important milestone, we look forward to closing the deal in the next several months," stated Per Lofberg, president of Caremark Pharmacy Services. "We believe that bringing together these two businesses will strengthen our competitive offerings, enabling us to provide Medicare beneficiaries with expanded products and services and lower the cost of pharmacy care. Today's approval puts us well on our way to accomplishing our goal."