CVS closes Navarro Discount Pharmacy acquisition

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WOONSOCKET, R.I. — CVS Health has wrapped up its acquisition of Hispanic-owned regional drug chain Navarro Discount Pharmacy.

CVS reiterated on Monday that the chain’s 33 stores, located in the Miami area, will keep the Navarro banner.

The acquisition, announced in mid-July, includes all of Navarro retail drug stores as well as Navarro Health Services, a specialty pharmacy serving patients with complex or chronic diseases.

Financial terms of the deal weren’t disclosed. Navarro has annual sales of more than $340 million.

CVS noted that Navarro has been a trusted brand in the Hispanic marketplace for more than 50 years. The retailer caters to Hispanic and ethnic marketplaces and offers many products and services not typically found in traditional drug stores, such as wireless phones and designer fragrances, as well as a wide assortment of over-the-counter drugs and vitamins.

“Navarro has a rich history and commitment to Hispanic consumers, and we are excited to welcome them into the CVS Health family,” CVS/pharmacy president Helena Foulkes said in a statement. “We value the strength of the Navarro brand, and we look forward to combining Navarro’s unique understanding of its customers’ needs with CVS/pharmacy’s best-in-class pharmacy services and high-quality health, beauty and personal care products, a combination that will strengthen our service to the Hispanic community.”

Overall, CVS/pharmacy has more than 7,700 retail drug stores, including 900 with CVS/minuteclinic walk-in medical clinics.

In other news, CVS on Friday announced the final results of cash tender offers for senior notes in a move to refinance a portion of its debt. The company said that an aggregate principal amount of more than $2.37 billion of notes was tendered in the offers, commenced on Aug. 7 for any and all of its 6.250% senior notes due 2027 and up to a maximum amount of its 6.125% senior notes due 2039, 5.750% senior notes due 2041 and 5.750% senior notes due 2017.


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