Inside This Issue - News
Deal takes CVS beyond the U.S.
February 25th, 2013
WOONSOCKET, R.I. – CVS Caremark Corp. has acquired the Brazilian drug chain Drogaria Onofre.
Terms of the deal for the 44-store São Paulo-based company were not disclosed. In December reports said that if CVS Caremark acquired the chain, it would pay about $313 million.
"This transaction is not financially material to our company," president and chief executive officer Larry Merlo said earlier this month during a conference call on CVS Caremark’s fourth quarter results.
"However, it is our first foray into the international drug store space," he said.
"We have been exploring opportunities for possible international expansion," he noted. "And we’ve said many times that our approach would be measured, and we would exercise financial discipline. We believe this acquisition is a great example of that strategy in action."