Drugstore.com inc. (DSCM) announced that it has entered into an agreement to acquire Salu Inc. in a stock and cash transaction. The transaction is valued at $36 million payable half in cash and half in drugstore.com common stock, plus an opportunity for senior management of Salu to receive an additional amount based on achievement of certain performance targets and integration milestones.
Drugstore.com expects the acquisition to be accretive to earnings per share in 2010, excluding one-time transaction fees and integration costs. Drugstore.com expects to record approximately $2.4 million to $2.9 million of transaction and integration related expenses in fiscal 2010.
The company expects the transaction to close in the first quarter of fiscal 2010.
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