Cencora agrees to buy American Oncology Network at $2.4 billion enterprise value
Cencora signed a merger agreement to acquire American Oncology Network (AON), valuing AON at an enterprise value of $2.4 billion, including $2.3 billion at closing and up to $100 million in contingent value rights. The same day, Cencora said its fiscal 2026 adjusted diluted EPS is now expected to be at least $17.90, at the high end of its prior $17.75 to $17.95 range, and that the deal is expected to be accretive to adjusted diluted EPS in the second year after closing.
Key points
- Enterprise value of $2.4 billion: $2.3 billion at closing plus up to $100 million in CVRs
- Cencora expects to pay about $1.7 billion to raise its AON stake to 75%, assuming holders keep up to 25% through an equity rollover
- Fiscal 2026 adjusted diluted EPS now expected to be at least $17.90, the high end of the prior $17.75 to $17.95 range
- Fiscal 2027 expectations to be discussed on the fourth quarter fiscal 2026 earnings call on November 4, 2026
The filing
Written by AI on Nov 7, 2026, 11:17 PM ET, from this filing only.
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