Pedestrians walk past a CVS Health Corp. store in Chicago.
Pedestrians walk past a CVS Health Corp. store in Chicago.
Photo:

Christopher Dilts/Bloomberg News
By

CVS Health Corp.
CVS -2.94%

is in talks to buy

Aetna Inc.,
AET 11.54%

according to people familiar with the matter, in a deal that could value the health insurer at upward of $66 billion.

CVS Health has made a proposal to buy Aetna for more than $200 per share, one of the people said. On Thursday afternoon, before The Wall Street Journal reported news of the talks, shares of Aetna were trading at $160.62 each.

Aetna shares initially shot up more than 10% on the report, giving it a market value of some $58 billion.

In 2015, Aetna agreed to buy rival insurer Humana Inc. for $34 billion, but the deal fell apart amid regulatory opposition.

Write to Dana Mattioli at dana.mattioli@wsj.com

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