CVS to expand further with purchase of Longs
CVS is already the largest drug chain in the country.
Already the largest drug chain in the country, CVS Caremark Corp. announced that it is acquiring Longs Drug Stores for $2.9 billion. The acquisition will add Longs' 521 pharmacies to CVS' stable; expand its presence in California, Hawaii, Nevada, and Arizona; strengthen its Caremark pharmacy benefit management business with Longs' PBM RxAmerica; and give the company valuable real estate valued at more than $1 billion. If the deal is approved, CVS will fill or manage more than 1.2 billion prescriptions per year and operate about 6,800 drugstores in 41 states and the District of Columbia. CVS said the Longs name will remain only in Hawaii; other Longs pharmacies will shift to the CVS banner. Since this agreement will make CVS into such a behemoth, it will undoubtedly undergo rigorous scrutiny by federal regulators. The chain hopes it can finalize the deal before the end of this year.
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