NEW YORK (TheStreet) -- Shares of Target Corp (TGT) were climbing, higher by 0.67% to $80 in pre-market trading Monday, after the big box retailer agreed to sell its pharmacy and clinic businesses to CVS Health (CVS) for roughly $1.9 billion.
TheStreet's Jim Cramer, Portfolio Manager of theAction Alerts PLUS Charitable Trust Portfolio says, "Here's a win for everyone. Plenty of new customers for CVS. Plenty of traffic and bucks up front for Target."
"Both stocks should run even with Greece gumming up the works! " he added.
CVS will buy more than 1,660 Target pharmacies in 47 states.
The two companies said the pharmacies and clinics will be run through a store-within-a-store format, and will remain in Target stores under the CVS brand.
Minneapolis-based Target is a retailer that provides differentiated merchandise at discounted prices.
Insight from TheStreet's Research Team:
CVS will operate the stores as a store within a store, and rebrand Target's health clinics as MinuteClinics. The companies also agreed to jointly develop five to 10 small, flexible format stores over a two-year period that will be branded as a TargetExpress store and include a CVS pharmacy.