CVS and Schnucks have entered into a definitive agreement for CVS Pharmacy and certain of its subsidiaries to acquire Schnuck Markets Inc.’s retail and specialty pharmacy businesses.
Through this agreement, CVS Pharmacy and its subsidiaries will acquire and operate 99 of the grocer’s pharmacies and will brand them as CVS Pharmacy. Additionally, CVS Pharmacy and its subsidiaries will acquire the prescription files from 11 Schnucks pharmacies and transfer them to nearby CVS Pharmacy locations.
The strategic relationship brings together one of the leading grocers in the Midwest region with CVS Pharmacy’s pharmacy services and clinical expertise to enhance the overall health care experience and continue to provide a convenient option for Schnucks customers, the company said.
“We have great admiration for Schnucks and believe CVS Pharmacy can bring additional clinical services to its customers. One of CVS Health’s strategic imperatives is to be local. By opening CVS Pharmacy locations within Schnucks stores, we’re increasing access to high quality care and meeting customers where they are. Schnucks is a best-in-class grocer and we’re honored to partner with them to bring our best-in-class pharmacy capabilities to their customers,” said Jon Roberts, evp/chief operating officer, CVS Health.
The transaction is expected to be completed by end of the second quarter and is subject to customary closing conditions.