HomeDiagramsDatabaseMapsForumSkyscraper Posters

Go Back   SkyscraperPage Forum > Regional Sections > United States > Midwest


Thread Tools Display Modes
Prev Previous Post   Next Post Next
Old Posted Apr 3, 2012, 5:28 AM
Arch City's Avatar
Arch City Arch City is offline
Proud Homer!
Join Date: Nov 2002
Posts: 4,134
Mega Healthcare Firm formed in St. Louis

St. Louis-based Express Scripts, Inc. and Franklin Lakes, NJ-based Medco Health Solutions merged yesterday in a $29-billion deal that will have the merged firm headquartered in suburban Cool Valley, Missouri in St. Louis County.

Based on 2011 revenues, St. Louis-based Express Scripts, Inc. becomes the nation's largest healthcare firm just eclipsing McKesson (San Francisco), Cardinal Health (Columbus, Ohio), UnitedHealth Group (Minneapolis) and CVS/Caremark (Woonsocket, RI) with a combined revenue of $111-billion dollars. (#1, #2)

Already the largest company in Missouri based on revenue, the merger more than doubles its size. It is the largest company - in terms of revenue - in Missouri state history. It also becomes the fourth largest public firm headquartered in the Midwest behind Berkshire Hathaway (Omaha), GM and Ford (Detroit) and the fifth largest public or private firm in the Midwest behind Berkshire Hathaway, GM, Ford and Cargill (Minneapolis)( #3).

Express Scripts, Medco complete $29 billion merger
St. Louis Business Journal by E.B. Solomont , Reporter
Date: Monday, April 2, 2012, 8:59am CDT - Last Modified: Monday, April 2, 2012, 9:19am CDT

Express Scripts North St. Louis County headquarters

Express Scripts closed on its $29.1 billion acquisition of Medco Health Solutions today, the company announced shortly after 7 a.m. The deal creates the largest pharmacy benefits manager in the U.S., with about $100 billion in annual revenue.

First announced in July 2011, the acquisition was approved by shareholders in December but was held up by antitrust concerns.

The Federal Trade Commission gave its blessing Monday morning, voting 3 to 1 in favor of the deal and ending an eight-month inquiry. “As a result of the evidence collected during an intensive eight-month investigation, we conclude that the proposed transaction is not likely to substantially lessen competition,” the commission’s majority said in a statement in which they acknowledged that theirs “was not an easy decision.”

Following consummation of the merger, shares of Franklin Lakes, N.J.-based Medco's stock were converted into $28.80 in cash and 0.81 shares of the new Express Scripts.

The company has said it expects $1 billion in “synergies,” or savings once it is fully integrated. Both companies are now wholly-owned subsidiaries of St. Louis-based Express Scripts Holding Co., trading on Nasdaq under the symbol ESRX.

Other Readings:
Wall Street Journal
Debating some people on the Internet is like debating dead people - it makes you look crazy so why bother? #BYE

Last edited by Arch City; Apr 9, 2012 at 8:31 PM.
Reply With Quote

Go Back   SkyscraperPage Forum > Regional Sections > United States > Midwest
Forum Jump

Thread Tools
Display Modes

Forum Jump

All times are GMT. The time now is 10:02 PM.


Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2018, vBulletin Solutions, Inc.