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TGT Target Corp

158.12
0.00 (0.00%)
Pre Market
Last Updated: 10:09:12
Delayed by 15 minutes
Share Name Share Symbol Market Type
Target Corp NYSE:TGT NYSE Common Stock
  Price Change % Change Share Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 158.12 3 10:09:12

CVS to Buy Target's Pharmacy Business for $1.9 Billion

15/06/2015 1:01pm

Dow Jones News


Target (NYSE:TGT)
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By Chelsey Dulaney 

CVS Health Corp. on Monday said it agreed to buy Target Corp.'s pharmacy and clinic businesses for about $1.9 billion in a deal that will significantly grow CVS's retail presence.

The deal includes more than 1,660 pharmacies, which CVS will rebrand as CVS/pharmacy and operate through a store-within-a-store format. The transaction also includes nearly 80 clinics, which will be rebranded as MinuteClinic.

CVS said it expects the deal to generate significant sales and prescription volumes, while boosting its presence in new markets such as Seattle and Portland.

For its part, Target expects the move to increase its focus on wellness and drive long-term traffic.

"By partnering with CVS Health, we will offer our guests industry leading health-care services, and at the same time, sharpen our focus on elevating the way we deliver wellness products and experiences to our guests," said Target Chief Executive Brian Cornell.

Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com

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