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CVS Caremark to Buy Navarro Discount Pharmacy

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

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.