CVS to Buy Target’s Pharmacies for $2 Billion

CVS Health (CVS) and Target (TGT)announced Monday that they’ve made a deal for CVS to acquire Target’s pharmacy and clinic businesses for $1.9 billion.

This means that CVS is taking over, and rebranding in its own image, the 1,660 pharmacies that Target operates within its stores in 47 states.

CVS is also taking over Target’s 80 clinics and rebranding them as MinuteClinic.

CVS plans to have 1,500 clinics by 2017, and said that the Target deal will allow it to expand into new markets like Seattle, Denver, Portland, Ore., and Salt Lake City.

Got the drop at CNN Money . . .

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