The outstanding work of Dechert’s antitrust team was recognized when CVS Health’s US$70 billion acquisition of health insurer Aetna was named “Deal of the Year” by The Deal, the leading U.S. M&A publication. The Deal selected CVS/Aetna based on its complexity and success.
CVS/Aetna was also named “Healthcare & Pharma Deal of the Year” by The Deal. The transaction raised novel vertical theories of competitive harm and prompted one of the broadest-ever merger investigations, which involved scrutiny by the Department of Justice, 19 state attorneys general, 38 state insurance departments, and Congress. Opposition groups consisting of competitors lobbied heavily against the deal.
The Dechert team, led by partners Mike Cowie and Rani Habash, developed the qualitative and empirical evidence needed to convince DOJ and other regulators that the transaction did not raise any vertical concerns. Dechert’s comprehensive advocacy program persuaded DOJ to conclude not only that “the merger is unlikely to cause CVS to increase costs to Aetna’s health insurance rivals,” but also that it has “the potential to generate benefits by improving the quality and lowering the costs of the healthcare services that American consumers can obtain.” The merger received DOJ clearance last October.
A second Dechert matter - the acquisition of HFF, Inc. by Jones Lang LaSalle - also featured in the awards when it was named a finalist for “Financial Services Deal of the Year”. A Dechert team led by partners James Lebovitz and Ian Hartman advised HFF in the transaction.
Winners in all categories were announced at a ceremony on June 20 at New York’s Bryant Park Grill.
About Dechert
Dechert is a leading global law firm with 26 offices around the world. We advise on matters and transactions of the greatest complexity, bringing energy, creativity and efficient management of legal issues to deliver commercial and practical advice for clients.
Related Professionals
