PRESS RELEASE
8 September 2025

Holland & Knight Serves As Regulatory Counsel To Evernorth Health Services On $3.5 Billion Investment In Shields Health Solutions

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Holland & Knight

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Holland & Knight is a global law firm with nearly 2,000 lawyers in offices throughout the world. Our attorneys provide representation in litigation, business, real estate, healthcare and governmental law. Interdisciplinary practice groups and industry-based teams provide clients with access to attorneys throughout the firm, regardless of location.
Holland & Knight advised Evernorth Health Services, a subsidiary of The Cigna Group (NYSE: CI), on the healthcare regulatory aspects...
United States

BOSTON (September 5, 2025) – Holland & Knight advised Evernorth Health Services, a subsidiary of The Cigna Group (NYSE: CI), on the healthcare regulatory aspects of its $3.5 billion investment in Shields Health Solutions, a leading specialty pharmacy management company. The transaction was announced on September 2.

Evernorth's investment coincides with Shields' establishment as a private standalone company upon its acquisition by Sycamore Partners, a leading private equity firm based in New York. This follows Sycamore's acquisition of Walgreens Boots Alliance, Shields' previous owner, which closed on August 28, 2025. Investing in Shields allows Evernorth to seek more opportunities to support patients and providers as well as enhance continuity of care across specialty health care settings. It also provides optionality for additional investment in Shields over time.

Headquartered in St. Louis, Missouri, Evernorth supports patients living with specialty conditions and the providers who care for them through its direct-to-patient pharmacies, complex medication distributor, inventory management technology, home and ambulatory infusion services, and more.

Holland & Knight's representation of Evernorth was led by Partner Jeffrey Mittleman. He was assisted by Associates Jennifer Lee, Katie McKeon and Sydney Kanjuparamban.

More information on the transaction can be found here.

Recently recognized as the Private Equity Law Firm of the Year by the Global M&A Network, Holland & Knight regularly ranks among the leading M&A and private equity law firms in reputable, benchmarking league tables published by Bloomberg, LSEG, Mergermarket, PitchBook and The Deal. Through the HK Deal Flow℠ program, Holland & Knight facilitates deal leads for clients and prospective clients by matching acquisition or capital raising opportunities with buyers and investors.

Contributor

Holland & Knight is a global law firm with nearly 2,000 lawyers in offices throughout the world. Our attorneys provide representation in litigation, business, real estate, healthcare and governmental law. Interdisciplinary practice groups and industry-based teams provide clients with access to attorneys throughout the firm, regardless of location.

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