Walgreens-backed VillageMD has agreed to buy urgent care provider Summit Health in a deal valued at nearly $9 billion.
This deal comes as the second-largest pharmacy chain, Walgreens, is looking to expand into healthcare. VillageMD operates as a primary care provider and the addition of Summit Health would provide access to independent physician-run medical groups. Furthermore, Summit Health also controls CityMD which is an alternative to emergency hospital visits.
Walgreens has agreed to invest $3.5 billion in support of the acquisition which will make the company the largest shareholder with a 53% stake.