CVS Caremark Corp. (NYSE: CVS) is in the process of acquiring Longs Drug Stores Corp. (NYSE: LDG) for $71.50 per share in cash, or a total price of $2.9 billion, which includes the assumption of Long's net debt. Through this acquisition, CVS will acquire Longs' entire chain of 521 drugstores, which are located in CA, HI, NV and AZ. CVS said the acquisition will give it "substantial market positions" in those states and a market leading position in Hawaii. The deal also includes Longs' Rx America subsidiary, a prescription benefits management service. Longs owns the real estate associated with 200 of its stores, three distribution centers and three office facilities. CVS values this real estate at more than $1 billion and said it plans to "unlock" their "intrinsic value" by "monetizing a substantial portion of these assets over time." A big sale-leaseback transaction is likely on the horizon. Following the acquisition, CVS Caremark will operate approximately 6,800 drugstores in 41 states and the District of Columbia.