Retail pharmacy chain CVS announced its acquisition of Target’s pharmacy department for $1.9 billion, The Washington Post revealed on June 15.
The deal will result in the rebranding of Target’s 1,660 pharmacies and 80 in-store clinics to CVS. This would enable the drugstore chain to establish its market in key cities where their presence has been lacking, such as Denver, Seattle, and Portland. The deal will also allow Target to focus their strength on areas where they perform best, such as baby products and fashion.
The acquisition is pending approval by the regulators.
CVS currently has 7,800 drugstores nationwide. Last May, the pharmacy chain bought Omnicare for $10.4 billion.
Acquisitions like this could be beneficial not just to the acquiring company, but to the company selling as well. A business attorney at Arenson Law Group, PC, has the experience and resources to help you get the most out of a business deal. Call (319) 363-8199 to seek guidance on your business’ next moves today.