CVS Health Corporation (NYSE:CVS) made an announcement on Monday, according to which it has entered into a definitive agreement to acquire Signify Health for $30.50 per share, which values the company at approximately $8 billion. Signify has a network of over 10,000 clinicians in all 50 states and a nationwide value-based provider network, and has relations with over 50 health plan clients.

CVS believes the acquisition will accelerate the expansion of its healthcare services and growth in value-based care. With respect to the financial terms, the company expects the deal to be meaningfully accretive to EPS, increasing its confidence in achieving its long-term EPS growth targets.

The deal is expected to close in in the first half of 2023 and be financed with existing cash and available resources.