CVS To Buy Omnicare in $12.7B Deal
CVS announced today it had agreed to acquire pharmacy services provider Omnicare in a bid to reach more members of America's graying Baby Boom generation. The deal, which both companies have approved, is valued at $12.7B, including debt. CVS will pay $98 per share in cash in the transaction and take on $2.3B in debt. Omnicare is the preeminent provider of healthcare services to the elderly. The acquisition will help CVS in its outreach to Americans aged between 50 and 75, a group that in the past decade has seen its health needs soar. During that period there was a nearly 40% jump in the number of boomers with two or more chronic conditions requiring medication.
Omnicare has 13,000 employees at 160 locations in 47 states. CVS has about 7,700 stores across the country.
