CVS拆分其2018年收购Aetna的交易，虽然不算史上最大、最快的企业并购大反转，但也相差无几。这次拆分基本宣告了这笔旨在跨保险与药房打造医疗巨头的690亿美元合并交易告吹，跻身企业并购重大失误的第一梯队。
CVS unwinding its 2018 purchase of Aetna is not quite the biggest, fastest corporate M&A about-face of all time, but it’s close. The breakup, which essentially calls time on the $69 billion merger that aimed to create a healthcare giant across insurance and pharmacies, joins the top tier of corporate M&A whoopsies.
这比通用电气收购贝克休斯的失误更大，后者花费更少且拆分得更快。这也比AOL和AT&T收购时代华纳的交易要少一些惨痛。考虑到收购成本以及管理层承认错误所花的时间，我们认为CVS这次拆分与卡夫与亨氏、戴姆勒与克莱斯勒的合并案不相上下。
It was a bigger mistake than GE’s acquisition of Baker Hughes, which was less expensive and unwound faster. It was also less of a fiasco than both AOL’s and AT&T’s Time Warner deals. Taking into account the cost of the acquisition, and how long it took management to acknowledge its mistake, we’d put the CVS unwind on par with the mergers of Kraft and Heinz or Daimler and Chrysler.
最初的设想——投资者从未买账——是将Aetna的保险数据与CVS的1万家零售药房相结合，从而降低成本、让医疗服务更无缝衔接。但节省的成本微乎其微，其药品中间商业务——即药房福利管理业务——反而成了政治包袱。
The original thesis, which investors never bought, was that combining Aetna’s insurance data and CVS’s 10,000 retail pharmacies would cut costs and make care more seamless. But the savings were small, and its drug-middleman business — known as a pharmacy-benefit manager — became a political drag.
