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CVS Caremark of Rhode Island, the nation's largest drugstore chain, announced that it will be buying California-based Long's Drugs for roughly $2.9 billion. Long's, which owns 521 stores in four states and has 39 stores in Hawaii, will retain its name in the Islands.

Long's has a long history in Hawaii. While many think that the store started in the Islands, it was actually founded by brothers Joe and Tom Long in Oakland, California back in 1928. The move by CVS to acquire Long's places the company in a good position against its national rival Walgreens, which plans to open 30 to 40 more shops across the state.

CVS plans convert the roughly 450 Longs stores in California to the CVS name along with stores in Nevada and Arizona.