Omnicare Inc., a provider of pharmaceuticals and other services to elderly care facilities, said Thursday it has reached an agreement to buy rival NeighborCare Inc. for about $1.6 billion.
Under the transaction approved by the boards of both companies, Omnicare would pay $34.75 per share in cash for Baltimore-based NeighborCare. It will also assume about $245 million in NeighborCare debt. The merger, which has already cleared the antitrust waiting period, is expected to close during the third quarter.
