Cencora to acquire American Oncology Network for up to $2.4 billion

Cencora agreed on October 21, 2026, to acquire the remaining equity in American Oncology Network, in which it already owns about 4%, valuing AON at $2.4 billion, including $2.3 billion at closing and up to $100 million in contingent payments. With an equity rollover of up to 25% by certain AON stockholders, Cencora expects to pay about $1.7 billion for a 75% ownership stake; the deal is expected to add to adjusted diluted EPS in the second year after closing, while fiscal 2026 adjusted EPS guidance rose to at least $17.90 from a previous range of $17.75 to $17.95.