CVS Health Corp. and Aetna Inc. were bothtalking to other potential partners during early discussions thatled to their $68 billion merger, according to a regulatory filingThursday.

As late as August, Aetna was in discussions with a “Party X”about a “strategic partnership, business combination or otheropportunities.” The mystery company, which isn’t named in thedocument, told Aetna inOctober that it wasn’t planning to make a takeover offer.

CVS was looking at other partners as well. Early last year, thedrugstore and pharmacy-benefit company “continued to havediscussions with multiple managed-care companies.”

While Aetna and CVS declined to comment on the mysterycompanies, the talks suggest there could be more consolidation in the health-care industry afterthe CVS-Aetna deal, which was announced in December.

Walgreens Boots Alliance Inc. Chief Executive Officer StefanoPessina has often spoken of the benefits of closer ties among health-care players. But inan earnings conference call on Thursday, he said that this wouldn’tnecessarily require outright acquisitions.

Mystery parties

Walgreens didn’t immediately respond to a request for comment asto whether it was “Party X,” or if it was a “Party Y” that Aetnawas talking to about a partnership or joint venture involvingretail clinics or Medicare products. Analysts have also speculatedthat Humana Inc. could become a target, or that a major retailercould buy an insurer or pharmacy benefit management company.

The merger document also adds a note of intrigue about Aetna’sfailed deal with Humana, which fell apart about a year ago afterU.S. antitrust authorities sued to block it. The document showsAetna began weighing new ventures in September 2016 -- before theHumana deal was officially scuttled. The company was publiclytelling investors at the time that it was confident it couldcomplete the Humana takeover.

CVS’s takeover of Aetna appears to have been in the works formonths, at least as a concept. In the merger document, CVS said ithad already been considering a managed care deal internally, andafter Aetna’s deal with Humana was abandoned CVS “increased itsfocus on Aetna.” In March, executives from the companies held talksabout their shared interest in retail health.

The companies filed for U.S. antitrust approval Jan. 2, and theJustice Department will conduct the investigation, rather than theFederal Trade Commission, according to Thursday’s filing. The dealwill face an initial 30-day review, after which the JusticeDepartment can open an in-depth investigation of the merger.

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