Briefly: Walgreens buys CHD Meridian parent

03-17-2008 10:26 AM —

Walgreen Co. is buying I-trax Inc., the parent company of Brentwood-based CHD Meridian Healthcare, as part of a broad move into the wellness market.

Walgreens (Ticker: WAG), which has been opening retail clinics around the country, is paying $278 million in cash for I-trax (Ticker: DMX) as well as an undisclosed amount for Ohio-based Whole Health Management. The deals are expected to close by mid-May.

CHD Meridian and its sister company ProFitness Health Solutions provide workplace health services to more than 160 companies, including Lowe's, Toyota, Deutsche Bank and Eastman Chemical. CHD Meridian, which was acquired by I-trax for about $80 million in 2004, will this spring move its local operations to a new building off South Royal Oaks Boulevard in Franklin.

Walgreens Chairman and CEO Jeffrey Rein said the company plans to marry its pharmacies and in-store clinics with the workplace clinics and pharmacies run by CHD and Whole Health. Combined, the operation will operate more than 500 health centers in 40 states.

For Walgreens' full news release, click here.