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Article: CVS Caremark to buy Longs.(News)(CVS Caremark Corp. and Longs Drug Stores Corp.)
- Article from:
- Chain Drug Review
- Article date:
- August 18, 2008
CopyrightCOPYRIGHT 2008 Racher Press, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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WOONSOCKET, R.I. -- CVS Caremark Corp.'s acquisition of Longs Drug Stores gives it immediate market leadership in the nation's most populous state while significantly expanding its platform for pharmacy benefits management services.
CVS Caremark agreed to purchase 521-unit Longs this month for $2.9 billion, or $71.50 a share, including debt.
The deal solidifies CVS Caremark as the nation's No. 1 prescription provider. Following the acquisition, which is expected to close in the fourth quarter, CVS Caremark will fill or manage more than 1.2 billion prescriptions per year, operating about 6,800 stores in 41 states and the ...