CVS Caremark to buy Coram for $2.1 billion

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Associated Press

Posted on November 27, 2013 at 8:00 AM

NEW YORK (AP) — Drugstore chain CVS Caremark Corp. says it has agreed to buy the drug infusion business Coram LLC, a unit of Apria Healthcare Group Inc., for $2.1 billion.

Coram, which is based in Denver, provides customers with medication and nutrition that is administered through a vein. The medication can be delivered to a customer's home, clinic or doctor's office.

CVS expects the deal to close by the end of the first quarter of 2014.

CVS expects Coram to generate revenue of about $1.4 billion in the first year after the deal closes and add earnings of between 3 cents per share and 5 cents per share in 2015.

Apria Healthcare Group Inc., Coram's parent company, is owned by investment firm The Blackstone Group LP.

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