Target Corporation sold its pharmacy and clinic business to CVS Health Corporation for $1.9 billion. Our firm was Target's lead counsel in the transaction.
CVS acquired more than 1,660 Target pharmacies across 47 states, and Target’s clinic locations were acquired and rebranded as MinuteClinic. CVS Health planned to open 20 new clinics in Target stores within the first three years of the transaction’s closing. By 2017, CVS aimed to operate 1,500 clinics. The relationship was strategic and beneficial for both entities, allowing CVS to reach more patients and strengthening Target’s long-term traffic and sales growth.