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MINNEAPOLIS-Woonsocket, RI-based CVS Corp. has agreed to acquire locally based MinuteClinic, a health clinic operating within retail stores, including Bartell Drug, Cub Foods and QFC locations. There are currently 83 MinuteClinics in 10 states, 66 of which are within CVS/pharmacy locations.
Under the terms of the agreement, MinuteClinic will operate as a wholly owned subsidiary of CVS and will continue to serve customers in its current locations. MinuteClinic's headquarters will remain in Minneapolis and the existing management team will continue in place. MinuteClinic also plans to continue operating clinics in CVS/pharmacy and other retail locations and at new retail hosts as well as corporate and government offices. Completion of the transaction is expected this summer.
"Our decision to acquire MinuteClinic was driven by our belief that this is clearly the right concept for consumers, payers and providers," Thomas M. Ryan, chairman, president, and chief executive officer, said in a statement announcing the acquisition.
In January, CVS Corp., along with grocer Supervalu, a group of investors including retail-REIT Kimco Realty Corp. acquired Albertsons for $17.4 billion. The acquisition allowed CVS to pick up 700 stand-alone Sav-On and Osco drug stores, boosting its portfolio to 6,100 units. The deal gave CVS a newly strengthened presence in Southern California and bolsters its existing exposure to the Midwest and Southwest.
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