Cencora has entered into a definitive agreement to acquire all outstanding equity interests in American Oncology Network (AON) that it does not already own, valuing the physician-led oncology network at an enterprise value of $2.4 billion. The transaction consists of approximately $2.3 billion payable at closing and contingent value rights of up to $100 million. Cencora currently holds about 4% of AON; assuming a 25% equity rollover by certain stockholders, the company expects to pay roughly $1.7 billion in cash to increase its ownership stake to 75%. The deal is expected to be accretive to adjusted diluted EPS in the second year post-closing and remains subject to customary closing conditions, including regulatory clearances and AON shareholder approval. Cencora operates as a leading global pharmaceutical solutions organization providing supply chain and healthcare services.
