CVS plans to keep Aetna's headquarters in CT

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A spokesman for CVS Health confirmed Friday that it will keep Aetna in Hartford and make the city one of the pharmacy giant's "centers of excellence", where it locates major operations of its business lines.

The insurance giant announced in June that it would move its headquarters to New York City beginning in late 2018 after almost two centuries in Hartford, Connecticut.

"Aetna's continued presence in Hartford is welcome news for the thousands of CT residents who depend on the company as a pillar of economic and community support, and a good omen for the city", said Blumenthal.

Five months earlier, Aetna said it would move to New York City in search of high-tech workers.

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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 his administration will work with CVS Health's leadership team "to ensure that their footprint in Hartford is maintained not only for the short-term, but in the long-run as well".

In June, the city and state announced incentive packages largely consisting of tax breaks worth about $35 million combined over a decade in exchange for Aetna occupying 145,000 square feet at 61 Ninth Ave., which amounted to all of the building aside from the retail space.

The planned move was put on hold after CVS's December announcement that it would buy Aetna for $69 billion.

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The De Blasio administration nixed the incentive deal because Aetna decided not to move forward with the relocation, Crain's reported.

"All Aetna locations will be evaluated during the integration planning process", a company spokesman said in a statement.

David Cadden, a business professor at Quinnipiac University, said the announcement gives CT an opportunity to change its image as a business unfriendly environment. That had been part of a $35 million package offered jointly by the city and the state of NY. Unfortunately, the repositioning of a corporate headquarters is a zero-sum game where one location's gain is another location's loss.

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