Cencora signs $2.4 billion deal to acquire American Oncology Network

CONSHOHOCKEN, PA & FORT MYERS, Fla., October 21, 2026. Cencora, Inc. has agreed to purchase the remaining equity in American Oncology Network, Inc. for an enterprise value of $2.4 billion. The agreement was announced on October 21, 2026.

Cencora currently holds approximately 4% of AON’s equity interests. Under the transaction terms, the company will acquire all remaining shares. The $2.4 billion valuation includes $2.3 billion paid at closing and contingent value rights of up to $100 million, payable upon meeting specific conditions. Certain AON stockholders may roll over up to 25% of their equity. If this rollover occurs, Cencora expects to pay approximately $1.7 billion to reach a 75% ownership stake. The company anticipates the acquisition will boost adjusted diluted earnings per share in the second year after closing.

Robert P. Mauch, President and Chief Executive Officer of Cencora, stated that adding AON will expand Cencora’s physician-led oncology management services organization. He noted that AON provides a differentiated solution set for oncology practices. Mauch said the deal will strengthen patient access to cost-effective care and enhance capabilities for independent practices.

Todd Schonherz, Chief Executive Officer of American Oncology Network, said the agreement provides physicians and care teams with additional resources and support. He described the deal as the next step in AON’s mission to deliver accessible cancer care locally. Schonherz noted that Cencora has invested in AON since 2020.

Stephen “Fred” Divers, M.D., Chief Medical Officer of American Oncology Network, emphasized the importance of reliable access to advanced therapy for cancer patients. He stated that the partnership supports AON’s goal of delivering high-quality care within patient communities.

AON is a physician-led network with more than 350 providers across 21 states. Founded in 2018, it offers practice management expertise and integrated ancillary services. The transaction is expected to provide resources for expanding integrated services and enhancing technology capabilities.

The deal requires regulatory approvals and stockholder votes to close. AON’s Board of Directors approved the agreement following a unanimous recommendation from its special committee of independent directors.

Citi serves as lead financial advisor to Cencora, joined by J.P. Morgan Securities LLC. Holland & Knight LLP and Sidley Austin LLP provide legal advice for Cencora. Moelis & Company LLC advises AON’s special committee, while McDermott Will & Schulte LLP and Cleary Gottlieb Steen & Hamilton LLP serve as legal counsel for AON and its committee, respectively. Longacre Square Partners acts as strategic communications advisor.

Cencora updated its fiscal year 2026 non-GAAP guidance to reflect strength in its U.S. Healthcare Solutions segment. The company now expects adjusted diluted earnings per share of at least $17.90, near the top of its previous range of $17.75 to $17.95. Cencora does not provide GAAP guidance. It plans to discuss fiscal 2027 expectations during its fourth-quarter earnings call on November 4, 2026.