CVS is looking to diversify its home care services.

Many major retailers have made recent moves to branch into the healthcare industry. Giants like Amazon have recently begun offering prescription delivery services, while existing pharmacies like Walgreens are broadening their ability to deliver healthcare to the home rather than necessitate an in-person visit. In order to keep up with this trend, CVS Health is looking to make an acquisition that would provide them with a pre-built network.

CVS announced yesterday that they intend to make a complete acquisition of home healthcare company Signify Health. CVS is planning to pay $30.50 for every one of Signify’s existing shares in a massive cash payment adding up to approximately $8 billion. Signify’s share values have been on the upswing recently, especially last month when a rumor circulated that Amazon was interested in acquiring the company themselves.

“This acquisition will enhance our connection to consumers in the home and enables providers to better address patient needs as we execute our vision to redefine the health care experience,” CVS Health President and CEO Karen Lynch said in a news release.

CVS will acquire the home health care provider Signify Health for roughly $8 billion, cementing the pharmacy’s move away from its retail roots.https://t.co/j8BZ7bbIks

— The New York Times (@nytimes) September 6, 2022

Assuming the deal goes through, Signify will be the latest healthcare company to go under CVS’s banner, alongside the likes of healthcare insurance provider Aetna, pharmacy benefits manager Caremark, and vaccination and urgent care service MinuteClinic.