WOONSOCKET – CVS Corp. and Caremark Rx today announced the closing of Caremark’s $27.2 billion acquisition by CVS.

The combined company, renamed CVS/Caremark Corp. (NYSE: CVS) “creates the nation’s premier integrated pharmacy services provider,” the companies said in a joint statement, by uniting the nation’s largest pharmacy chain with a leading pharmaceutical benefits manager.

“Today’s close of our landmark merger will enable us to begin delivering substantial benefits to shareholders, customers and employees,” said Tom Ryan, CVS/Caremark’s president and chief executive officer. “CVS/Caremark will offer end-to-end services, from plan design to prescription fulfillment, as well as the opportunity to improve clinical outcomes, which will result in better control over health care costs for employers and plan providers.”

“After months of planning, we are excited to realize our shared vision of creating the premier provider of pharmacy services in the nation,” said former Caremark CEO Mac Crawford, now chairman of CVS/Caremark. “Together we will deliver unique products and services that are responsive to the needs of employers, health plans and consumers, and do it in more convenient and flexible ways.”

The combined company’s shares will trade on the New York Stock Exchange under the symbol “CVS.” Trading in Caremark stock (NYSE: CMX) has been discontinued, effective today.

CVS/Caremark’s planned cash tender offer – for 150 million CVS/Caremark shares, or about 10 percent of shares outstanding, at a fixed price of $35 per share – will begin in about five business days, the company said.

CVS/Caremark Corp., based in Woonsocket, operates 6,200 CVS/pharmacy stores; its CVS.com online pharmacy; its pharmacy benefit management, mail order and specialty pharmacy division, Caremark Pharmacy Services; and a retail-based health clinic subsidiary, MinuteClinic. Additional information is available at investor.cvs.com and www.cvs.com/pressroom.