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

Cencora announced on October 21, 2026, that it agreed to acquire American Oncology Network, which has more than 350 oncology providers across 21 states, in a transaction valued 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%, Cencora expects to pay about $1.7 billion at closing for 75% ownership; the deal requires regulatory clearances and AON stockholder approval and is expected to be accretive to Cencora’s adjusted diluted EPS in the second year after closing.