CVS Health Corporation has announced its acquisition of Target Corporation’s pharmacy and clinic businesses for $1.9 billion. With this, CVS Health acquired 1,672 of Target’s pharmacies across 47 states, and will operate them through a store-within-a-store format, branded as CVS/pharmacy.
Additionally, a CVS/pharmacy will be included in all new Target stores that offer pharmacy services, and seventy-nine Target clinic locations will be rebranded as MinuteClinic. CVS Health will also open up to 20 new clinics in Target stores within the next three years.
“Today’s milestone in our relationship with CVS Health is an important step in driving Target’s strategic priorities forward while giving our guests easy access to industry-leading health care services,” says Brian Cornell, chairman and CEO of Target. “With the transition now underway, Target can further accelerate our commitment to wellness as a signature category, helping guests and team members in their efforts to eat better, be more active and find natural and clean label products.”
The Target pharmacies and clinics will be placed under the CVS Health banners and systems within six to eight months.
