June 15, 2015, 16:48 / Business

Pharmacy chain CVS to buy $1.9 billion worth of assets from Target

Owner of the largest pharmacy chain in the United States, CVS Health Corp. agreed to acquire pharmacies and clinics from US retailer Target Corporation for a total of approximately $1.9 billion, CVS said in a statement.

Under the final agreement, CVS will own more than 1,660 pharmacies in 47 states, which will be located in Target stores. About 80 of the chain's clinics will be rebranded from Target Clinic to MinuteClinic, and CVS will open more than 20 new clinics in Target stores within three years of the deal closing.

It is planned that by 2017, 1,500 clinics will operate under the MinuteClinic and CVS brands. “The strategic relationship with Target supports and complements well the customer base, brand and culture we share,” said CVS CEO Larry Merlo.

CVS Health Corp. is a large American company that owns a chain of pharmacies of the same name. At the end of 2014, there were more than 7,800 pharmacies operating in the United States and Brazil. The company's headquarters are located in Woonsocket, Rhode Island.

Target is the third largest retail company in the United States. This chain has 1,795 stores throughout the country. The company's headquarters are located in Minneapolis, Minnesota.

Previously on the topic: The second largest US pharmacy chain stops selling cigarettes