Federal Judge Approves CVS-Aetna Merger

(RTTNews) - A Federal judge has formally approved CVS Health's nearly $70 billion acquisition of health insurer Aetna, after a condition set by the U.S Justice Department was achieved.

The merger was allowed by the Justice Department on condition that Aetna sell its Medicare prescription drug plan business to WellCare Health Plans. Both deals have already closed.

U.S. District Judge Richard Leon initially ordered hearings after he said the Justice Department and the companies acted like his approval was a mere "rubber stamp." The companies had closed the deal just one month after reaching an agreement with federal regulators, which angered Leon.

On Wednesday, Leon officially signed off on the agreement reached between the two companies and federal regulators.