CVS to Buy Target’s Pharmacy Business for $1.9B
CVS Health said on Monday that it had agreed to acquire the pharmacy and clinic businesses of Target for about $1.9 billion. Under the terms, CVS, which is based in Woonsocket, R.I., would acquire more than 1,600 pharmacies from Target in 47 states and operate them under the CVS brand name in Target stores. CVS will also operate branded pharmacies in new Target stores that offer pharmacy services. CVS said it planned to rebrand about 80 clinic locations previously operated by Target under the MinuteClinic name, adding that they would be part of its plan to operate 1,500 clinics by 2017. The transaction is expected to significantly increase sales and prescriptions, CVS said.