Target Pharmacies Will Now Be Run By CVS

A CVS pharmacy may soon be coming to a Target store near you.

CVS Health Corporation announced on Monday it has entered a definitive agreement to buy and run all of Target's pharmacies and clinics for approximately $1.9 billion.

Under the deal, CVS will rebrand Target's more than 1,660 pharmacies across the U.S. as CVS/pharmacy and the retail giant's nearly 80 clinics as MinuteClinic.

Going forward, any new Target stores that open offering pharmacy services will have a CVS/pharmacy. Additionally, CVS plans to open up to 20 new clinics in existing Target stores.

"By partnering with CVS Health, we will offer our guests industry leading health care services, and at the same time, sharpen our focus on elevating the way we deliver wellness products and experiences to our guests," Target Chairman and CEO Brian Cornell said in a statement.

"This relationship with Target will provide consumers with expanded options and access to our unique health care services that lead to better health outcomes and lower overall health care costs," CVS Health President and CEO Larry Merlo said.

The transaction is still subject to regulatory approval. It is not yet known when the deal could close.