Key facts
- CVS Health will acquire Oscar Health for $1.5 billion.
- CVS Health will purchase all outstanding shares of Oscar Health.
- Oscar Health's stock surged 40% following the announcement.
- Wells Fargo had previously upgraded Oscar Health, citing Affordable Care Act tailwinds.
CVS Health has announced its intention to acquire Oscar Health, a health insurer, for $1.5 billion. The deal involves the purchase of all outstanding shares of Oscar Health. Following the announcement, Oscar Health's stock price experienced a significant surge of 40%. This acquisition comes after Wells Fargo had previously upgraded Oscar Health, citing positive momentum driven by tailwinds from the Affordable Care Act. Oscar Health operates within the exchange market for health insurance.