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LARGO, Fla. -- Finally, it's official. J.C. Penney has agreed to sell Eckerd to both CVS and Brooks Pharmacy, the U.S. division of Canada's Jean Coutu Group, for a total of $4.5 billion.
Analysts' estimates ranged from $3.5 billion to $4.5 billion. Last week, J.C. Penney stated in a filing with the Securities and Exchange Commission that the fair value of its stake in Eckerd was $4.37 billion.
The deal played out much like Drug Store News predicted in its Nov. 3, 2003 issue. CVS will deepen its presence in the southern United States by acquiring 1,260 Eckerd drug stores, most of which are in Florida and Texas. About 200 units are in Louisiana, Oklahoma, …