CVS Caremark to Buy Navarro Discount Pharmacy

By Maria Armental Features Dow Jones Newswires

CVS Caremark Corp. (CVS) has reached an agreement to buy Navarro Discount Pharmacy, the nation's largest Hispanic-owned drugstore chain.

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Financial terms weren't disclosed.

The deal, which CVS hailed as a step toward strengthening its position in the fast-growing Hispanic marketplace, includes Navarro's 33 retail pharmacies and Navarro Health Services, a specialty pharmacy serving patients. The pharmacies will remain under the Navarro Discount Pharmacy brand.

Navarro Discount Pharmacy has more than $340 million in sales a year, CVS said.