CVS completes acquisition of Target pharmacy and clinic business

Target Corp. expects to net $1.2 billion after taxes for the sale of its pharmacy and clinic businesses to CVS Health Corp. The $1.9 billion acquisition closed on Wednesday, the companies said. CVS acquired Target's 1,672 pharmacies in 47 states and will operate and rebrand them as CVS/pharmacy. Seventy-nine of the clinics will be rebranded as Minute Clinics. CVS also will open up to 20 new clinics in Target stores within three years. "Today's milestone in our relationship with CVS Health is an important step in driving Target's strategic priorities forward while giving our guests easy access to industry-leading health care services," Chief Executive Brian Cornell said in a statement.