CVS Caremark Corp. (NYSE:CVS) has reached an agreement to buy Navarro Discount Pharmacy, the nation's largest Hispanic-owned drugstore chain.
Financial terms weren't disclosed.
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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.