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CVS Caremark to buy Apria's Coram for USD2.1bn
Wednesday 27 November 2013

27 November 2013 - US pharmacy health care services provider CVS Caremark Corporation (NYSE:CVS) said today that it had agreed to take over US sector player Apria Healthcare Group Inc's speciality infusion services and enteral nutrition unit Coram LLC for some USD2.1bn (EUR1.5bn).

The purchase serves CVS Caremark's objective of investing in core businesses with growth prospects. Coram, which offers infusion therapies and nutrition services to over 20,000 patients per month, is seen to post revenues of USD1.4bn in the first twelve months after the completion of the deal. The acquisition is seen to have no impact on CVS Caremark's financial results in 2014 and to increase the company's adjusted earnings per share by USD0.03 to USD0.05 in 2015, the buyer said.

Jon Roberts, head of CVS Caremark Pharmacy Services, commented that the acquisition would enhance his company's speciality products offering and help CVS improve its care management for patients and their physicians.

Coram's CEO, John Figueroa, noted that both companies were committed to providing quality care to patients.

The deal, which is subject to regulatory approvals, among other customary closing conditions, is expected to be finalised by the end of the first quarter of 2014. Barclays Plc (LON:BARC), Sullivan and Cromwell LLP and Dechert LLP acted as the buyer's advisors on the deal.
Date Published: 27/11/2013
Target: Coram LLC
Country: USA
Deal Size: 2.1bn (USD)
Sector: Healthcare
Type: Corporate acquisition
Status: Agreed
Vendor: Apria Healthcare Group Inc
Buyer: CVS Caremark Corporation
Buyer Advisor: Dechert LLP, Sullivan and Cromwell LLP, Barclays Plc