CVS Caremark to Complete Acquisition of Universal American's Medicare Part D Business (CVS)

CVS Caremark CVS today announced it expects to complete the acquisition of the Medicare Part D business of Universal American on Friday, April 29, 2011. As previously announced, CVS Caremark will pay Universal American shareholders cash consideration of $1.25 billion plus the excess capital in the entities that operate Universal American's Medicare Part D business, less Universal American's outstanding trust preferred securities, which are being assumed by CVS Caremark. Upon closing, CVS Caremark and Universal American will begin working to integrate the two businesses' Medicare Prescription Drug Plans, which will more than double the size of CVS Caremark's Medicare Part D program.