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CVS Health and Target announced the deal on Thursday, ending months of negotiations between the two companies.
The two companies announced a deal last year that would have allowed them to combine the two largest drugstores in the country into a one-stop pharmacy chain.
CVS and Target’s new transaction will create the largest pharmacy chain in the world with more than 30,000 locations in 15 states.
It is expected to be a multi-billion dollar acquisition for both companies.
Target CEO Gregg Steinhafel said the deal will help boost its pharmacy offerings.
“Today, Target has the largest portfolio of pharmacists in the nation, and we’re excited to welcome CVS to the Target family,” Steinhaffel said in a statement.
“We are looking forward to working together to bring more health products and services to Target shoppers and families.”
Target is one of the nation’s largest retailers and has been struggling with a sluggish economy and rising prices.
Last year, Target reported a loss of $2.9 billion, and the company has seen its share price fall more than 50 percent this year.
Target is still one of America’s largest employers, with more people than Walmart, Costco, Wal-mart and other big retailers.
The deal, which will also include Target’s pharmacy business, is expected pay out about $2 billion in cash, with Target and CVS expected to split the rest.
Target said the merger would also include other assets and businesses, such as CVS Healthcare, which it acquired in a deal that valued Target at $24 billion.
Both companies will continue to operate as separate businesses, with the combined Target and its pharmacies serving about 40 percent of the US population, according to CVS.
In addition to the new deal, Target will be buying back more than 5 million of its shares and will continue its acquisition program.
Shares of CVS were down 2.9 percent in premarket trading Thursday.