CVS: No Plans To Move Aetna From Hartford

CVS: No Plans To Move Aetna From Hartford

This article is being republished as part of our daily reproduction of WSJ.com articles that also appeared in the USA print edition of The Wall Street Journal (January 13, 2018). CVS Health will continue to be headquartered in Woonsocket, Rhode Island.

CVS Health Inc said on Friday that it plans to keep Aetna Inc's headquarters in CT after it completes its $69 billion acquisition of the USA health insurer.

Aetna won't be pulling up stakes from Hartford after all now that the health insurance giant is planning to be acquired by CVS Health. At that time, Aetna said all of its locations would be evaluated as part of the merger. The city of Hartford is in its own financial straits, relying on state aid to balance its budget.

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He said he would advocate for Hartford with CVS Health leaders "to build a strong working partnership". It employs about 6,000 people in the state.

Friday's statement comes days after New York City halted a $9.6 million incentive package.

"We had a preliminary agreement that still needed formal approval, and we can't get that approval if they can't positively affirm to us that the relocation is happening", said Stephanie Baez, a spokeswoman for the New York City Economic Development Corp.

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The insurer had planned to move into a 170,000-square-foot Chelsea building developed by Vornado Realty Trust and Aurora Capital Associates, where it had signed a lease.

"We had a good discussion about CVS Health's commitment to community and proud history as a New England-based company - as well as Aetna's history in Hartford", Bronin said Friday.

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