CVS acquires infusion services provider
Woonsocket, R.I. – CVS Caremark has completed the acquisition of Coram LLC, the specialty infusion services and enteral nutrition business unit of Apria Healthcare Group Inc. Coram cares for approximately 165,000 patients annually and has 4,600 employees, including 600 nurses, 350 pharmacists and 250 dietitians, operating primarily through 85 branch locations and six centers of excellence for patient intake.
Coram is expected to generate approximately $1.4 billion in revenues during the first twelve months following the close of the deal. Including one-time transaction and integration costs, as well as the interest associated with the $2 billion of senior notes issued to fund this transaction, the transaction is expected to have an immaterial impact on CVS Caremark’s overall financial results in 2014. The transaction is expected to add $0.03 to $0.05 cents to the company’s adjusted earnings per share in 2015, the first full year following the close of the deal.
Barclays served as the company’s financial advisor on the transaction, while Sullivan and Cromwell LLP served as legal advisor, and Dechert LLP served as legal advisor from an anti-trust perspective.
"With the acquisition of Coram, we have expanded our competitive offerings in specialty services," said Jon Roberts, president of CVS Caremark Pharmacy Services. "From a capabilities perspective, no other organization brings the range of specialty assets, the depth of experience and integration of care that the combination of CVS Caremark and Coram can deliver."
Target to testify before Congress about breach
Minneapolis – Target Corp. will reportedly testify about its recent massive holiday data breach in a Congressional hearing in early February 2014. According to Reuters, a Congressional commerce, manufacturing and trade subcommittee headed by Rep. Lee Terry (R-Neb.) will investigate large data breaches and their effect on consumers.
Target representatives will not be the only participants, as law enforcement officials and others will also testify before the committee. The Senate Commerce Committee has independently requested written information about the breach from Target.
"By examining these recent breaches and their consequences on consumers, we hope to gain a better understanding of the nature of these crimes and what steps can be taken to further protect information and limit cyber threats," Terry said in a statement.
Report: LLBean.com tops in December online customer service
New York – LLBean.com was ranked No. 1 in customer service among all major online retailers during the month of December 2013. According to the Stella Monthly Ranking from the StellaService customer service analysis firm, LLBean.com snared this honor for the second consecutive month.
In addition, during December 2013 Amazon.com ranked first in returns in the mass merchant category for the second consecutive month with an average of just two days to issue a refund, beating out all competitors in the vertical by more than three days. Lowes.com was the top rated shipper in the month of December. Lowes.com ranked at the top in a month when shipping delays made headlines by being fast at fulfilling orders and also sourcing products from stores in the same city as the order was placed or within a 150-mile radius, leading to faster transit speeds.
Fab.com improved in the month of December to join the Top 10 overall retailers. In the mass merchant category, Fab took the top spot in email response time and packaging fit, and it was ranked in the top five in shipping.
The top 10 overall online retailers for customer service in December were L.L.Bean, Wayfair, Net-A-Porter, Ralph Lauren, Fab.com, Lululemon, J.Crew, Barneys, Sierra Trading Post, and Sur La Table. December is the highest overall volume online shopping month of the year.