McKesson Option Care Acquisition Agreed
McKesson Option Care acquisition agreed as CD&R and McKesson offer $32.05 per share, prompting traders to focus on the stockholder vote and delisting risk.
KEY TAKEAWAYS
- Deal agreed at $32.05 per share and about $5.8 billion enterprise value.
- CD&R will hold about 51.0% and McKesson about 49.0%; McKesson will invest about $1.4 billion.
- Closing expected in the first half of calendar 2027 pending stockholder and regulatory approvals.
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McKesson Option Care acquisition partners CD&R and McKesson Corporation (MCK) signed a definitive agreement on Oct. 6, 2026, to acquire Option Care Health (OPCH), moving the home and alternate-site infusion-services provider toward private ownership and delisting from Nasdaq.
Deal Terms, Ownership, and Structure
The companies said in a press release that CD&R and McKesson will pay $32.05 in cash per share, implying a total enterprise value of approximately $5.8 billion, including debt. The offer represents about a 37% premium to Option Care’s closing price on Oct. 5, 2026, the last full trading day before the announcement. Option Care will remain a separately managed company but will become privately held and cease trading on Nasdaq. McKesson plans to account for its minority stake using the equity method.
The Form 8-K filing shows CD&R will hold roughly 51% ownership at closing, with McKesson holding about 49%. McKesson will contribute approximately $1.4 billion. The agreement also establishes a framework for McKesson’s potential future acquisition of CD&R’s interest, subject to specified conditions and regulatory approvals.
This combination of a private-equity majority owner with a strategic minority partner reflects strong investor interest in home and alternate-site infusion services while preserving Option Care’s management continuity.
Closing Timeline and Approvals
The parties expect the transaction to close in the first half of calendar 2027, pending stockholder approval and required regulatory clearances. The Form 8-K identifies approval by holders of a majority of Option Care’s outstanding voting shares as a closing condition.
If completed, Option Care will be removed from public markets and operate under majority private ownership, with McKesson retaining a minority equity-accounted stake. This structural change will alter public-company comparability and reporting for the businesses involved.
“At the closing of the transaction, CD&R will hold a majority ownership interest, and McKesson will hold a minority ownership interest,” the companies said in their joint press release.
