Rite Aid to Buy Pharmacy Benefit Manager EnvisionRx
Rite Aid, the big pharmacy chain, agreed on Wednesday to acquire a top pharmacy benefit manager, Envision Pharmaceutical Services, for $2 billion in cash and stock. Envision Pharmaceutical Services, known as EnvisionRx, is owned by the private equity firm TPG, making this one of the year's early successful exits for a buyout firm. Rite Aid will pay TPG about $1.8 billion in cash and $200 million in stock for EnvisionRx. The value of the deal also includes an expected future tax benefit of $275 million.