Rite Aid sells $1B subsidiary

Article Abstract:

PCS Health Systems Inc, the drug-benefits management unit of drugstore chain Rite Aid, is being acquired by Advance Paradigm of Texas for $1 billion. The purchase, announced on Jul 12, 2000, will result in the creation of the US' biggest pharmacy-benefits manager that will oversee the drug benefits of 75 million individuals. Drug-benefits management firms are companies that handle billing, negotiates discounts with drugmakers and retailers and helps in deciding the drugs that are covered in company health plans.

All Other Business Support Services, Business Services NEC, PCS Health Systems Inc.

---

Aetna to sell financial services, keep health

Article Abstract:

Aetna announced that it will sell its financial services group to Dutch conglomerate ING Group for $7.7 billion. ING will pay $5 billion in cash and assume $2.7 billion in debt in acquiring the financial services group. The sale caps a very tumultous period for the company, which saw its CEO resign and refusing an earlier buyout offer. The company also announced that it would also spin off its health services unit into a new company, which would retain the name Aetna.

Securities Dealers, Investment Banking and Securities Dealing, Netherlands, Foreign operations, ING Groep N.V., Aetna Financial Services Inc.

---

Over the Internet: Rite Aid buys slice of Drugstore.com

Article Abstract:

Drugstore.com has sold 25% of its stock to Rite Aid for $7.6 million. The deal gives Rite Aid access to the fledgling online pharmacy industry, which may have a bigger potential than online bookselling. Drugstore.com, on the other hand, gains access to over 50 million insured patients in Rite Aid's pharmacy benefit unit, PCS. The deal also allows Drugstore.com to offer same-day pickup at 3,800 Rite Aid stores across the US.

Video Retailing Service, All Other Information Services, Home shopping, drugstore.com Inc.

Similar abstracts:

• Abstracts: AirTran aims frills at business fliers. Air service faces heat from fliers. CEO of US Airways abruptly resigns
• Abstracts: Rejected mergers cost banks dearly. Bonuses mean investment bankers don't need Regis. Federal-Mogul bids for car parts maker
• Abstracts: VoiceStream CEO insists merger deal is still a go. AT&T to sell 16% of wireless unit for $9.8 billion
• Abstracts: Economist predicts good times in 2000. Fiber-optics firm CEO faces a sweet dilemma. News good for Yahoo, but valuation still key

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.