German Dobson CVS, L.L.C., Garfield Beach CVS, L.L.C., Holiday CVS, L.L.C., Longs Drug Stores California, Inc. and Woodward Detroit CVS, L.L.C. entered into the asset purchase and sale agreement to acquire Pharmacy Assets of MedAvail Holdings, Inc. for $4.4 million on January 20, 2023. MedAvail has agreed to sell to CVS certain assets related to its SpotRx pharmacies located in Tucson and Phoenix, Arizona; Buena Park, Laguna Hills and San Fernando, California; Southfield, Michigan; and in Orlando and Tampa, Florida. Upon completion of the CVS Transaction, the pharmacy records and inventory purchased by CVS will be transferred from the SpotRx pharmacies to nearby CVS Pharmacy locations.

CVS plans to interview employees currently working at SpotRx pharmacies who are interested in joining the CVS team. The closing of the transaction is subject to standard closing conditions and is expected to complete in the first quarter of 2023. A portion of the proceeds from the Transaction will be used to paydown the company's existing loan facility.

he remaining proceeds will be used for ongoing operation of the MedAvail. Triavo Health acted as exclusive financial advisor for the transaction.