Eckerd Sale Complete
This article was originally published in The Pink Sheet Daily
Executive Summary
CVS and Jean Coutu have completed the acquisition of the Eckerd pharmacy franchise from J.C. Penney, the retailers announced Aug. 1
CVS and Jean Coutu have completed the acquisition of the Eckerd pharmacy franchise from J.C. Penney, the retailers announced Aug. 1. Coutu acquired 1,549 Eckerd stores for $2.4 bil. The acquisition makes the Canadian company the fourth largest retail pharmacy chain in North America (1 (Also see "Eckerd Will Be Centerpiece Of Cross-Border Pharmacy Chain Under Coutu" - Pink Sheet, 9 Apr, 2004.)). CVS acquired the remaining 1,260 Eckerd stores and the chains $1 bil. per year mail order operations, making CVS the largest chain in the U.S. CVS paid $2.2 bil. for the assets (2 (Also see "CVS Doubles PBM Business Through $2.2 Bil. Eckerd Deal" - Pink Sheet, 5 Apr, 2004.)). |