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Share Name | Share Symbol | Market | Type |
---|---|---|---|
CVS Health Corporation | NYSE:CVS | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
1.24 | 2.20% | 57.50 | 57.725 | 56.29 | 56.36 | 13,973,909 | 00:14:22 |
By Chelsey Dulaney
CVS Health Corp. has agreed to buy pharmacy-benefits provider Omnicare Inc. in a deal valued at $12.7 billion, a tie-up that will boost the pharmacy chain's services for the growing senior patient population.
The offer for $98 a share in cash is a 3.6% premium to Omnicare's closing price on Wednesday. The deal value includes $2.3 billion in debt.
Shares of CVS gained 1.9% in premarket trading, while Omnicare's shares gained 1%.
CVS said the deal will significantly boost its ability to dispense prescriptions in assisted-living and long-term care facilities.
"The acquisition of Omnicare significantly expands our business, providing CVS Health access into a new pharmacy dispensing channel," said CVS Health Chief Executive Larry Merlo in a news release
CVS expects the deal will add 20 cents to its adjusted per-share earnings next year and become increasingly accretive after that. CVS also said it expects to see revenue synergies.
The deal, subject to regulatory approval, is expected to close near the end of the year.
Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com
Access Investor Kit for CVS Caremark Corp.
Visit http://www.companyspotlight.com/partner?cp_code=P479&isin=US1266501006
Access Investor Kit for Omnicare, Inc.
Visit http://www.companyspotlight.com/partner?cp_code=P479&isin=US6819041087
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