Cencora agrees to buy American Oncology Network at $2.4 billion enterprise value

Cencora agreed on Wednesday to buy American Oncology Network, a physician-led group of more than 350 cancer-care providers in 21 states, in a deal that values the company at $2.4 billion.

The enterprise value includes $2.3 billion at closing and contingent value rights worth up to $100 million, according to Cencora's 8-K. Cencora already owns about 4% of AON and will acquire the rest of the equity.

Some AON stockholders may roll over up to 25% of their equity. If they keep that full 25%, Cencora expects to pay about $1.7 billion in cash at closing to lift its stake to 75%, the company said.

Why Cencora wants it

Cencora said the deal expands its physician-led oncology management services organization into 12 additional states. "The acquisition of AON will expand our physician-led oncology MSO and support of care in communities across the country," Chief Executive Robert Mauch said.

Cencora expects the purchase to add to adjusted EPS in the second year after closing. The deal needs regulatory clearances and AON stockholder approval. AON's board approved it on the unanimous recommendation of a special committee of independent directors.

Guidance nudged up

In the same filing, Cencora said it now expects fiscal 2026 adjusted diluted EPS of at least $17.90, the high end of its previous $17.75 to $17.95 range, citing strength in its U.S. Healthcare Solutions segment. It plans to discuss fiscal 2027 expectations on its Nov. 4 earnings call.

By the numbers

• Enterprise value: $2.4 billion
• Paid at closing: $2.3 billion, plus up to $100 million in CVRs
• Expected Cencora cash outlay: about $1.7 billion, assuming a 25% rollover
• AON footprint: more than 350 providers in 21 states
• Fiscal 2026 adjusted EPS outlook: at least $17.90

Sources

1. Cencora, Inc., Form 8-K (Items 2.02, 7.01) with Exhibit 99.1 press release, filed Oct. 21, 2026, accession 0001104659-26-117576

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