October 3, 2018

CVS pledges to keep Aetna in Hartford for 10 years

Aetna's Hartford headquarters will remain in the city for at least the next decade, CVS promised.

CVS Health, which is seeking state regulatory approval of its $69 billion acquisition of Aetna, just made some big promises to Hartford.

CVS says it will keep Aetna's headquarters in Hartford for 10 years, keep staffing levels at approximately 5,291 employees for at least four years, and honor Aetna's previous promise to donate millions of dollars to help the city of Hartford stabilize its finances. It says it would honor those promises, barring a sale of the company.

The pledge comes just before the Connecticut Insurance Department is set to hold a public hearing Thursday morning related to the deal. CVS delivered its list of promises along with other hearing-related materials on Wednesday to CID.

Aetna, Travelers and The Hartford delivered on the first installment of their combined $50 million pledge in July.

In a statement, Gov. Dannel P. Malloy praised the company's promises, calling "another positive step" for the city and region.

"Hartford has been Aetna's home since 1853 and I am thrilled that the capital city will remain the company's home for the foreseeable future," Malloy said. "CVS Health is a strong corporate partner for the city and state, and we welcome this long-term commitment."

Aetna is still awaiting federal antitrust approval of the deal.

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