Cencora, Inc. announced on October 21, 2026, that it has entered into a definitive agreement to acquire American Oncology Network, Inc. (AON). Under the terms of the Agreement and Plan of Merger, Cencora will merge with and into AON, with AON surviving as a wholly-owned subsidiary of Cencora.
AON is a physician-led network comprising more than 350 oncology providers operating across 21 states. The transaction is structured as an acquisition of the equity interests that Cencora does not already own. Cencora currently holds approximately 4% of AON’s equity.
The deal values AON at an enterprise value of $2.4 billion. This total is composed of $2.3 billion payable at closing and contingent value rights (CVRs) of up to $100 million, subject to the satisfaction of certain conditions. Regarding the immediate cash outlay, Cencora expects to pay approximately $1.7 billion to increase its ownership in AON to 75%. This assumes that certain AON stockholders participate in an equity rollover, retaining up to 25% of the company.
Cencora stated that the acquisition is expected to be accretive to its adjusted diluted earnings per share in the second year following the closing of the deal. The transaction is subject to customary closing conditions, including the receipt of required regulatory clearances and AON stockholder approvals. The AON Board of Directors approved the agreement on the unanimous recommendation of its special committee of independent directors.
In related financial news, Cencora updated its fiscal year 2026 financial expectations. The company now anticipates adjusted diluted earnings per share of at least $17.90, which represents the high end of its previous guidance range of $17.75 to $17.95. Cencora plans to discuss its expectations for fiscal 2027 during its fiscal fourth quarter 2026 earnings call on November 4, 2026.
