https://www.insurancebusinessmag.com/us/news/mergers-acquisitions/cvs-offloads-omnicare-pharmacy-unit-in-250m-bankruptcy-sale-575756.aspx
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I've worked with the corporate Omnicare folks for years! They are fantastic! Congratulations, Omnicare!
“ CVS Health acquired Omnicare in 2015 for roughly $12.7 billion (representing $10.4 billion in cash plus $2.3 billion in assumed debt).
A decade later, CVS sold Omnicare to GenieRx Holdings in a Chapter 11 bankruptcy sale for $250 million in cash plus the assumption of certain liabilities.”
Sold for 2.5 percent of the purchase price. Taking inflation into account, CVS paid to give this away.
Sounds like it sold at a bargain basement price. CVS sure took a massive loss on that one.
The transaction is expected to close later this year, subject to regulatory clearance and standard closing conditions, according to a statement from Omnicare.