CVS nabs Omnicare for $12.7 billion

Thursday, May 21, 2015

WOONSOCKET, R.I., and CINCINNATI– CVS Health Corp today announced plans to acquire Cincinnati-based Omnicare for $12.7 billion in cash. The deal includes $2.3 billion of the pharmacy provider’s debt. “(The acquisition) creates new opportunities for us to extend our high-quality, innovative pharmacy programs to a broader population of seniors and chronic care patients as they transition across the care continuum,” said Larry Merlo, president and CEO of CVS Health, in a release. The deal will allow CVS to expand its presence in the specialty pharmacy business as well as its ability to dispense prescriptions in assisted living and long-term care facilities. The transaction is subject to approval by Omnicare common stock holders and is expected to close by the end of 2015.