Business Wire·Oct 21, 2026, 7:30 AM ET

Cencora to Acquire American Oncology Network to Strengthen Support of Community Oncology

COR AONC

Cencora, Inc. has signed a definitive agreement to acquire American Oncology Network (AON), a physician-led network of over 350 oncology providers across 21 states.
The transaction values AON at an enterprise value of $2.4 billion, consisting of $2.3 billion at closing & contingent value rights (CVRs) of up to $100 million.
Cencora currently holds approximately 4% of AON equity & expects to pay roughly $1.7 billion to increase its ownership to 75%, assuming up to 25% of AON stockholders participate in an equity rollover.
The acquisition expands Cencora's MSO platform into 12 additional states & strengthens capabilities for independent practices to support patient access to cost-effective care.
Clinical decisions will continue to rest with AON's physicians while the deal provides resources to enhance technology, practice support, & integrated services.
The transaction is subject to customary closing conditions, including regulatory clearances & AON stockholder approvals, & has been approved by AON's Board of Directors.
Cencora expects the acquisition to be accretive to its adjusted diluted EPS in the second year post-closing.
Cencora updated its Fiscal Year 2026 adjusted diluted EPS guidance to at least $17.90, reflecting the high end of its previous range.
Cencora's Fiscal Year 2026 GAAP guidance is not provided due to unavailable financial information, while expectations for Fiscal Year 2027 will be discussed on November 4, 2026.
Cencora advisors include Citi & J.P. Morgan Securities LLC for financial advice, & Holland & Knight LLP & Sidley Austin LLP for legal advice.
AON advisors include Moelis & Company LLC for financial advice, McDermott Will & Schulte LLP & Cleary Gottlieb Steen & Hamilton LLP for legal counsel, & Longacre Square Partners for strategic communications.