CVS Health confirms that Aetna will stay in Hartford

CVS Pharmacy store in the Manhattan borough of New York City New York U.S

CVS Pharmacy store in the Manhattan borough of New York City Thomson Reuters

CVS Health Corp. said Friday it has "no plans" to move Aetna from Connecticut's capital city, reversing last year's announcement by the insurance giant that it would move its headquarters to another state after almost two centuries in Hartford.

CVS confirmed to Channel 3 that the company has "no plans to relocate Aetna's operations from Hartford".

According to Crain's, Aetna was offered a $35 million incentive package from New York City and state officials in exchange for moving its headquarters to New York City and occupying 145,000 square feet at 61 Ninth Ave.

"We have no plans to relocate Aetna's operations from Hartford and, in fact, view Hartford as the future location of our center of excellence for the insurance business", CVS spokesman Michael DeAngelis said in an e-mail.

Once the merger is complete, Hartford will be considered the "corporate hub" for the insurance business, rather than Aetna's headquarters, Mr. Palombi said. The governor said he was "thrilled" that Aetna will "call Hartford home" and build upon "a strong legacy of success dating back to 1853". Today's announcement confirms that CT is a tremendous place to do business, with a talent pipeline and quality of life that are second-to-none.

But CVS Health's $69 billion deal to buy Aetna threw the insurer's relocation plans into jeopardy. NY state government officials had also offered Aetna about $24 million in tax breaks over 10 years.

Aetna had said it planned to move over 200 senior executives to New York City in order to tap into a larger tech talent pool. "I fully commend CVS for making the decision to keep Aetna in the great city of Hartford", Rep. John B. Larson (CT-01) said in a statement on Friday. CVS will maintain its corporate headquarters in Rhode Island.

At that point, many in CT believed that Aetna might stay after all. "Let's hope that CT can capitalize and begin to attract and retain businesses in the state". "And we're glad they made that choice". In a statement Wednesday night, the company said it didn't have anything else to add to that.

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