Cencora announced Wednesday morning a signed definitive agreement to acquire American Oncology Network, a collection of more than 350 oncology providers, in a deal valuing the network at $2.4 billion.
Cencora (formerly AmerisourceBergen) currently holds roughly 4% of the equity interests in AON, and is expecting to pay $1.7 billion to increase its ownership to 75% should eligible current stockholders fully participate in an equity rollover and retain 25% ownership. The deal has been approved by AON’s board, but is subject to stockholder approval and regulatory clearances.
The purchase builds on Cencora’s dealmaking involving oncology providers, strategic investments it has previously said can serve as a distribution avenue for its pharmaceuticals, care navigation tools and other operational and clinical support services. In late 2025, the company entered a $5 billion deal to acquire a majority stake in another network, OneOncology, in which it had already held a minority stake since 2023.
“The acquisition of AON will expand our physician-led oncology [managed services organization (MSO)] and support of care in communities across the country,” Robert P. Mauch, president and CEO of Cencora, said in the deal’s announcement. “AON serves as a trusted partner to oncology practices with a differentiated solution set designed to meet their comprehensive needs. With the addition of AON to our leading MSO network, we will enhance our capabilities for independent practices, strengthening patient access to high-quality, cost-effective care, while fortifying our growth platform to drive long-term value for our stakeholders.”
Fort Myers, Florida-based AON is an MSO launched in 2018 and provides clinical services as well as administrative support to community oncology practices in 21 states. Its acquisition would extend the reach of Cencora’s own oncology MSO to an additional 12 states.
“This partnership will bolster AON’s mission of sustainably delivering the highest quality care to patients in their own communities,” Stephen “Fred” Divers, M.D., chief medical officer at AON, said in the announcement.
Cencora said it expects the purchase to improve its adjusted earnings per share in the second year after its close. Analysts from investment banking advisory firm Evercore, in a note, said it is “excited” about the move to increase community oncology presence via a network that addresses different sections of that market than OneOncology.
“AON is more focused on small oncology providers and the solution set that best works for them vs. OneOncology’s focus on larger community oncology providers and their needs (though many key areas of overlap),” the note reads. “Given that [Cencora] has been invested in AON since 2020, and currently act as AON’s distribution partner, we see limited integration risk and believe that the asset is well-positioned to continue to grow at an above-market rate (was 40% last year).”
Cencora said it would further address the deal’s specifics in an earnings call scheduled for early November. On earnings impact, Evercore gave a preliminary estimate of a $.02 adjusted earnings per share dilution in the company’s 2027 fiscal year, followed by a $.10 accretion and $0.22 accretion in fiscal years 2028 and 2029, respectively, assuming a late-March 2027 close.
Cencora separately updated its guidance for fiscal year 2027 to “at least” $17.90 adjusted earnings per diluted share, the upper end of its prior guidance range, “to reflect the strength of the U.S. Healthcare Solutions reportable segment.”
The latest deal adds to the specialty practice network arms race that has brewed among Cencora’s peers in the drug distribution and wholesale space. Cardinal Health, in recent years, has inked billion-dollar deals for stakes in GI Alliance, Advanced Diabetes Supply Group, Integrated Oncology Network, Specialty Networks and Solaris Health, while bolstering the lattermost with tuck-in acquisitions focused on home care. McKesson Corporation also closed big-ticket deals for stakes in Community Oncology Revitalization Enterprise Ventures (Core Ventures) and PRISM Vision.