General Atlantic to Sell Stake in Oak Street Health in $10.6 Billion Acquisition by CVS Health

Paul, Weiss is advising General Atlantic in the sale of its stake in primary care startup Oak Street Health to CVS Health in an all-cash transaction for an enterprise value of approximately $10.6 billion. Under the terms of the transaction, CVS Health will acquire Oak Street’s outstanding shares for $39 per share, and Oak Street will become part of CVS Health’s recently formed Health Care Delivery organization.

General Atlantic, Newlight Partners LP and certain members of the Oak Street board of directors collectively own 45% of Oak Street’s common stock.

The Paul, Weiss team includes, among others, corporate partners Matthew Abbott, Christopher Cummings and Ellen Ching, and counsel Caitlin Kelly and Scott Grader; litigation partners Joshua Soven and Jessica Carey; and antitrust counsel Marta Kelly.