CRA economists advised Dechert LLP and Davis Polk & Wardwell LLP, counsel to CVS Health and Aetna, respectively, on CVS’s acquisition of Aetna. CRA economists prepared extensive economic analyses that addressed questions raised by the US Department of Justice (DOJ) and Departments of Insurance in a number of US states regarding whether the merger raised competitive concerns. CRA economists also assisted both parties in compliance with the DOJ’s Second Request.
The DOJ allowed the merger to proceed subject to the divestiture of Aetna’s Medicare Part D prescription drug plan business for individuals. The DOJ concluded that the merger did not raise any other horizontal or vertical competitive concerns.