M&A Deal Summary

CVS Health Acquires Arbor Drugs

On February 9, 1998, CVS Health acquired retailer Arbor Drugs for 1.5B USD

Acquisition Highlights
  • This is CVS Health’s 1st transaction in the Retail sector.
  • This is CVS Health’s 8th largest (disclosed) transaction.
  • This is CVS Health’s 1st transaction in the United States.
  • This is CVS Health’s 1st transaction in Michigan.

M&A Deal Summary

Date 1998-02-09
Target Arbor Drugs
Sector Retail
Buyer(s) CVS Health
Deal Type Add-on Acquisition
Deal Value 1.5B USD
Advisor(s) Goldman Sachs (Financial)

Target

Arbor Drugs

Troy, Michigan, United States
Arbor Drugs, Inc. a drug store chain, operates 207 locations, predominantly in southeastern Michigan.

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Buyer(S) 1

Buyer

CVS Health

Woonsocket, Rhode Island, United States

Category Company
Founded 1996
Sector Healthcare Services
Employees219,000
Revenue 357.8B USD (2023)
DESCRIPTION
CVS Health office in Buffalo Grove, Illinois.
CVS Health office in Buffalo Grove, Illinois.

CVS Health operates retail pharmacies, and walk-in medical clinics, and is a pharmacy benefits manager. The Company enables people, businesses, and communities to manage health in a variety of ways. CVS Health advises patients on medications at CVS/pharmacy locations, helps clients control costs at CVS/caremark, and delivers care through CVS/specialty and CVS/minuteclinic. CVS Health was founded in 1996 and is based in Woonsocket, Rhode Island.


DEAL STATS #
Overall 1 of 18
Sector (Retail) 1 of 7
Type (Add-on Acquisition) 1 of 12
State (Michigan) 1 of 2
Country (United States) 1 of 18
Year (1998) 1 of 1
Size (of disclosed) 8 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1995-10-17 Marshalls

Boston, Massachusetts, United States

Marshalls is a discount clothing and home goods retailer with more than 750 stores.

Sell $550M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-04-06 Eckerd

Largo, Florida, United States

Eckerd is a chain of drug stores based in Largo, Florida. The Company was originally established 1898.

Buy $4.5B