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Eckerd Drug Chain Split; Canada’s Jean Coutu, CVS Jump At Low Selling Price

This article was originally published in The Tan Sheet

Executive Summary

The Jean Coutu Group is competitively positioned in the North American retail pharmacy market after its $2.4 bil. acquisition of Eckerd drug stores

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Eckerd deal closes

J.C. Penney closes the $4.5 bil. sale of Eckerd drugstore chain July 31, completing deal announced in April (1"The Tan Sheet" April 12, 2004, p. 7). Jean Coutu Group picks up stores and facilities in 13 states in the Northeast. CVS acquires Florida and Texas stores, as well as Eckerd's pharmacy benefits management and mail order businesses...

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FTC has completed its review of J.C. Penney's sale of its Eckerd drug store operations to The Jean Coutu Group, and CVS and has granted an early termination of the waiting period under Hart-Scott-Rodino, J.C. Penney announces June 1. The transaction is on track to close by the end of the year, firm adds. J.C. Penney announced the sale in early April (1"The Tan Sheet" April 12, 2004, p. 7)...

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