Apparently, the US midterm elections are not all that happened yesterday in terms of big news: CVS has announced that it’s officially breaking up — and this time, it means it .

CVS will split retail pharmacies from PBM operations and insurance

CVS Health plans to break up its $117 billion business , separating its retail pharmacies from the Caremark pharmacy benefit management (PBM) operations and the Aetna insurance company. The separation will create two separate publicly traded companies, and CVS Health shareholders will own shares in both companies.

One company — which will retain the name CVS Health for now — will house its insurance arm Aetna, the PBM Caremark, plus Oak Street Health, Signify Health, and its specialty pharmacy business. The retail company, to be known as CVS Pharmacy, would include roughly 9,000 retail pharmacies, MinuteClinic, and mail-order pharmacy operations, as well as the newly created Health100 engagement platform.…