CVS Health (Woonsocket, RI) and Omnicare Inc (Cincinnati, OH) entered into a definitive agreement for CVS Health to acquire Omnicare. CVS Health Corp. agreed to acquire nursing-home pharmacy Omnicare Inc. in a transaction valued at $12.7 billion, adding services for the elderly to bolster its position as the biggest U.S. retailer of prescription drugs. CVS will pay $98 per share in cash, the companies said in a statement on Thursday. Omnicare, with a market value of about $9.2 billion, hired advisers to explore a sale earlier this year. The deal includes about $2.3 billion in debt. The acquisition will significantly expand CVS’ ability to dispense prescriptions in assisted living and long term care facilities, as well as expand the company’s presence in the specialty pharmacy business. According to the company, Omnicare’s specialty pharmacy platform and clinical expertise will augment CVS’ capabilities. The transaction has been approved by the boards of both companies. The deal is subject to approval by Omnicare shareholders as well as other customary closing conditions, including applicable regulatory approvals.