Target pharmacies in the U.S. are set to be taken over by CVS Health corporation after a definitive agreement for approximately $1.9 billion was signed between them.
According to the agreement, CVS Health will now acquire Target‘s stores across 47 states and the 1,600 stores will then be operated through a store-within-store format with the CVS/pharmacy brand.
- Avril Supermarché Santé opens first store in Quebec
- McKesson Canada says it is an ethical partner for independent pharmacists
- Stevia future looks sweet
CVS Health President and CEO Larry Merlo says this merger is highly complementary as the two companies have similar customers and brand culture.
Moreover, any new Target stores that open from now on will also house a CVS pharmacy. Clinic locations in close to 80 Target stores will be rebranded as MinuteClinic and CVS will also open 20 new clinics in Target stores in the three years following the finalization of this transaction.
The new merger also anticipates the opening of 10 small, flexible-format stores that will be branded as TargetExpress. All of these stores will also carry a CVS pharmacy.
