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For Immediate Release |
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2004 |
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#315483 |
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Investor Contact: Nancy Christal Media Contact: Todd Andrews
Vice President Director
Investor Relations Corporate Communications
(914) 722-4704 (401) 770-5717
FOR IMMEDIATE RELEASE
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CVS CORPORATION TO ACQUIRE 1,260 ECKERD STORES AND
PBM/MAIL ORDER PHARMACY BUSINESS IN $2.15 BILLION TRANSACTION
WILL CREATE AMERICA'S LEADING PHARMACY RETAILER WITH MORE THAN 5,000 STORES
IN 36 STATES, AND A $2 BILLION PBM/MAIL ORDER PHARMACY BUSINESS SERVING
APPROXIMATELY 30 MILLION LIVES, WITH COMBINED 2003 REVENUES OF $33 BILLION
TRANSACTION EXPECTED TO BE ACCRETIVE TO EARNINGS AND CASH FLOW
IN 2005 AND BEYOND
WOONSOCKET, RI, April 5, 2004 - CVS Corporation (NYSE: CVS) today announced
that it has entered into a definitive agreement under which it will acquire
from J.C. Penney Company, Inc., approximately 1,260 Eckerd drug stores, located
mainly in the southern United States; Eckerd Health Services, which includes
Eckerd's $1 billion mail order and pharmacy benefits management businesses; and
three Eckerd distribution centers. The cash transaction is valued at $2.15
billion.
Following completion of the transaction, CVS will be America's leading pharmacy
retailer with more than 5,000 locations in 36 states and the District of
Columbia. CVS' PharmaCare subsidiary will nearly double in size to more than $2
billion in annual revenues and will serve approximately 30 million lives. In
total, CVS will fill approximately 13% of the nation's retail prescriptions.
The combined 2003 revenues of CVS Corporation and the operations it has agreed
to acquire were approximately $33 billion.
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