CVS to Acquire Target Pharmacies, Clinics for $1.9B


WOONSOCKET, RI—CVS Health Corp. has signed an agreement to acquire Target’s pharmacy and clinic businesses across the United States in a deal valued at approximately $1.9 billion.

According to the joint announcement released this morning, CVS Health will acquire Target’s more than 1,660 in-store pharmacies across 47 states and operate them through a store-within-a-store format, branded as CVS/pharmacy. In addition, a CVS/pharmacy will be included in all new Target stores that offer pharmacy services, the companies state.

In addition, Target’s nearly 80 clinic locations will be rebranded as MinuteClinic, and CVS Health will open up to 20 new clinics in Target stores within three years of the close of the transaction. The new clinics will be part of CVS/minuteclinic’s plan to operate 1,500 clinics by 2017. CVS Health and Target also plan to develop five to 10 small, flexible format stores over a two-year period following the deal close, which will each be branded as TargetExpress and include a CVS/pharmacy…

CVS to Acquire Target Pharmacies, Clinics for $1.9B

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