CVS Caremark to Acquire Longs Drug Stores

CVS Caremark Corp. and Longs Drug Stores Corp., Walnut Creek, Calif., this week said they have entered into a definitive agreement under which CVS Caremark will acquire Longs for $71.50 per share in cash for a total purchase price of $2.9 billion including the assumption of net debt.

WOONSOCKET, R.I. — CVS Caremark Corp. here and Longs Drug Stores Corp., Walnut Creek, Calif., this week said they have entered into a definitive agreement under which CVS Caremark will acquire Longs for $71.50 per share in cash for a total purchase price of $2.9 billion including the assumption of net debt. Through this acquisition, CVS Caremark will acquire Longs’ 521 retail drug stores in California, Hawaii, Nevada and Arizona as well as its Rx America subsidiary, which offers prescription benefits management services to over 8 million members and prescription drug plan benefits to approximately 450,000 Medicare beneficiaries. “With this acquisition, we will increase accessibility to our pharmacies for consumers and put us in an even better position to grow our new Proactive Pharmacy Care offerings with our PBM clients,” said Tom Ryan, chairman, president and chief executive officer of CVS Caremark.

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