Target, CVS Deal Final

The $1.9-billion deal between Target Corp. (Minneapolis) and CVS Health Corp. (Woonsocket, R.I.), which allows CVS to own and operate pharmacies within Target stores has been finalized.

The 1672 in-store pharmacies will eventually be rebranded as CVS pharmacies within the next six to eight months, and 79 Target Clinics will be rebranded as MiniteClinics. CVS also plans to open 20 new clinics inside Target stores over the next three years, reports the Memphis Business Journal.

From the sale, Target will earn a pre-tax gain between $575 million and $775 million, which will be reflected in its fourth-quarterly earnings.