Target and CVS Health sign major partnership

• CVS Health (NYSE:CVS) acquires the pharmacy and clinic business of Target (TGT) for $1.9B.
• The deal will cover more than 1.6K locations spread across 47 different U.S. states.
• The pharmacies will continue to operate within Target stores rebranded under the CVS format.
• The agreement also calls for Target and CVS to partner on ten new small-format stores.
• Target sees extra traffic resulting from the strategic agreement with CVS, while the expansion falls under a plan to CVS to grow its store base.