January 10, 2018

Report: NYC officials pull plug on Aetna relocation incentives

New York city officials have pulled the plug on a $9.6 million incentive package to health insurer Aetna, which pledged to move its headquarters from Hartford to Manhattan, according to Crain's New York.

The de Blasio administration nixed the incentive deal because Aetna is not moving forward with the relocation, Crain's reports. The news comes on the heels of Aetna's recent agreement to be acquired by Rhode Island-based CVS Health for $69 billion, a deal that put in question Aetna's relocation plans.

In a written statement to HBJ, an Aetna spokesman declined to comment on the published report other than to say all of the company's locations will be evaluated as part of the integration planning process with CVS.

"We have nothing additional to share at this time," the spokesman said.

According to Crain's, Aetna was offered a $35 million incentive package from New York City and state officials in exchange for moving its headquarters to New York City and occupying 145,000 square feet at 61 Ninth Ave.

Aetna had said it planned to move over 200 senior executives to New York City in order to tap into a larger tech talent pool.

Those plans were complicated once Aetna agreed to be acquired by CVS in early December.

Read more

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