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CVS Caremark Corp. announced yesterday that it will acquire Longs Drug Stores, which operates 521 stores in California, Hawaii, Nevada and Arizona, for $2.54 billion.

CVS does not currently operate in Hawaii.

The company said that the acquisition will give it access to Longs’ eight million prescription drug customers serviced through its Rx America benefits management subsidiary, not to mention more than a billion dollars worth of real estate.

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