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CVS Caremark to Complete Acquisition of Universal American's Medicare Part D Business
Date:4/28/2011

WOONSOCKET, R.I., April 28, 2011 /PRNewswire/ -- CVS Caremark (NYSE: 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 (PDPs), which will more than double the size of CVS Caremark's Medicare Part D program.

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"This transaction will make CVS Caremark a top provider of service in Medicare Part D, one of the nation's fastest growing health care segments," said Per Lofberg, president of CVS Caremark Pharmacy Services.  "This acquisition will strengthen our business and allow us to expand products and services to Medicare beneficiaries while we work to lower the cost of pharmacy care."

CVS Caremark continues to expect the acquisition to be approximately eight cents ($0.08) accretive to adjusted earnings per share in 2011. This acquisition is consistent with the company goal of investing in core businesses that help drive growth and improve returns on invested capital.  It is not expected to impact the company's previously announced dividend growth and share buyback initiatives, company officials said.

Medicare Part D is the federally subsidized prescription benefit program provided to Medicare beneficiaries, citizens who are 65 years and older or who otherwise qualify through d
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SOURCE CVS Caremark Corporation
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