THE WHAT? CVS Health-owned CVS Pharmacy has announced that it has entered into a definitive agreement to acquire Schnuck Markets’ retail and specialty pharmacy businesses.
THE DETAILS The deal covers 99 of Schnucks’ pharmacies, which will be rebranded as CVS Pharmacy. Additionally, CVS Pharmacy will acquire the prescription files from 11 Schnucks pharmacies and transfer them to nearby CVS locations.
“We have great admiration for Schnucks and believe CVS Pharmacy can bring additional clinical services to its customers. One of CVS Health’s strategic imperatives is to Be Local. By opening CVS Pharmacy locations within Schnucks stores, we’re increasing access to high quality care and meeting customers where they are. Schnucks is a best-in-class grocer and we’re honored to partner with them to bring our best-in-class pharmacy capabilities to their customers,” said Jon Roberts, executive vice president and chief operating officer, CVS Health.
Financial terms of the deal were not disclosed. It is expected to complete by the end of the second quarter and will be subject to customary closing conditions.
THE WHY? The deal provides CVS Health with a capital-efficient way to expand into key areas.