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VillageMD-Starling acquisition boosts clinic count under Walgreens to over 700

por John R. Fischer, Senior Reporter | April 03, 2023
Business Affairs
The VillageMD-Starling acquisition brings the total number of clinics under Walgreens to over 700 nationwide.
VillageMD’s acquisition of Starling Physicians has given it control of 30 medical centers in Connecticut, bringing the total count under its majority owner, Walgreens, to more than 700.

A multispecialty physicians group, Starling offers primary care, as well as cardiology, ophthalmology, endocrinology, nephrology, and geriatric services.

The acquisition follows VillageMD’s acquisition of specialty and urgent care provider Summit Health-CityMD in November for approximately $8.9 billion, creating one of the largest independent provider groups in the U.S., valued between $5 billion and $10 billion and employing 20,000 people nationwide at more than 680 locations in 26 markets.

“This is a natural extension of our growth in the Northeast, including our recent acquisition of Summit Health-CityMD,” said Tim Barry, CEO and chair of VillageMD, in a statement.

Walgreens, which bought a stake in VillageMD in 2019, doubled its ownership from 30% to 63% in 2021 with a $5.2 billion investment. Walgreens is planning to have 1,000 primary care clinics under it by 2027.

The VillageMD-Starling acquisition is also subject to a state investigation for possible certificate-of-need requirement, with the Connecticut Office of Health Strategy saying that neither company filed a merger application with it, according to The Hartford Business Journal, which ranked it among Connecticut's high-profile deals in the last few years.

The deal was completed on March 3. Financial details were not disclosed.

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