McKesson to take 49% stake in Option Care Health in $5.8 billion buyout with CD&R

McKesson is teaming up with private equity firm CD&R to take Option Care Health private. The two agreed to buy the home and alternate-site infusion provider for $32.05 a share in cash, a total enterprise value of about $5.8 billion, the companies said Tuesday in a release McKesson filed with regulators.

McKesson will put in about $1.4 billion for a minority stake of roughly 49%, while CD&R will hold about 51%. The agreement also sets up a framework for McKesson to buy CD&R's interest later, subject to specified conditions and regulatory approvals.

The price is a premium of about 37% to Option Care Health's closing price on Oct. 5. Option Care Health's board unanimously backed the deal, and the company is pulling its previously issued financial guidance.

McKesson Chair and CEO Brian Tyler said the investment fits the company's strategy "to expand access and affordability to innovative therapies across the care continuum." The release pointed to growth in specialty, rare and orphan therapies and rising demand for infusion care outside hospitals.

After closing, McKesson plans to account for its stake under the equity method, booking its share of Option Care Health's profit or loss in other income. Option Care Health will keep its own management team and run as a separate, privately held company.

The deal is expected to close in the first half of calendar 2027, pending Option Care Health shareholder approval and regulatory sign-offs. BofA Securities, Barclays, Goldman Sachs, Jefferies and Wells Fargo are providing committed financing to the buyer group.

McKesson shares closed Monday at $915.45, before the announcement.

By the numbers

• Price: $32.05 per Option Care Health share
• Enterprise value: about $5.8 billion
• McKesson investment: about $1.4 billion for about 49%
• CD&R stake: about 51%
• Premium: about 37% to the Oct. 5 close
• Expected close: first half of 2027

Sources

1. McKesson Corporation Form 8-K (Item 7.01), filed Oct. 6, 2026, accession 0000927653-26-000253
2. Joint press release, Exhibit 99.1, "CD&R and McKesson Corporation Sign Agreement to Acquire Option Care Health," Oct. 6, 2026

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