TPG-Portfolio Company EnvisionRx in $2 Billion Sale to Rite Aid

Cleary Gottlieb is acting as counsel to Envision Pharmaceutical Services, a portfolio company of leading global private investment firm TPG, in its sale to Rite Aid Corporation for approximately $2 billion. Under the terms of the agreement, Rite Aid will pay approximately $1.8 billion in cash and deliver approximately 27.9 million shares of Rite Aid common stock, worth roughly $200 million as of signing. The transaction is expected to close by September 2015, subject to regulatory approvals and other customary closing conditions.

Based in Twinsburg, Ohio, EnvisionRx is a national, full-service pharmacy benefit management (PBM) company. The company provides both transparent and traditional PBM options through its EnvisionRx and MedTrak PBMs, respectively, as well as pharmacy-related services to clients across the nation. Following the closing, EnvisionRx will operate as a wholly owned subsidiary of Rite Aid. Cleary served as counsel to TPG in its acquisition of Envision in November 2013.