Cencora and Covetrus to Merge, Creating $3.5B Animal Health Giant

By Chris Stiles • Wednesday, February 18 11:28 • Permanent Link

Cencora (NYSE: COR) and Covetrus, a global animal health technology and services company, have announced a definitive agreement to merge with MWI Animal Health (MWI), creating a combined company offering a comprehensive animal health platform. The deal values MWI at an enterprise value of $3.5 billion. Cencora will receive cash proceeds of $1.25 billion and $800 million of preferred equity while retaining a non-controlling common equity stake of 34.3% in the combined company.

The transaction aims to make animal healthcare more affordable and accessible by combining companion animal distribution, production animal distribution, and technology platforms. The merger is expected to expand access and innovation across the animal health ecosystem.

Cencora has reaffirmed its fiscal 2026 financial guidance, which does not currently contemplate the transaction closing in its fiscal year ending September 30, 2026.

Goldman Sachs is serving as the lead financial advisor to Covetrus, while Guggenheim Securities, LLC is serving as the lead financial advisor to Cencora, with Morgan Stanley & Co. LLC also serving as a financial advisor to Cencora.

Covetrus, headquartered in Portland, Maine, serves more than 100,000 customers worldwide and brings over 60 years of experience as a trusted partner advancing veterinary care and practice performance. Cencora, a leading global pharmaceutical solutions organization, is ranked #10 on the Fortune 500 and #18 on the global Fortune 500 with more than $300 billion in annual revenue.

MWI Animal Health is a leading global provider of animal health products, services, and solutions that support the operations of veterinarians and producers. The company combines local expertise with global reach to deliver innovative solutions that promote animal health and well-being. As a result of these announcements, the company's shares have moved -0.14% on the market, and are now trading at a price of $354.85. For the full picture, make sure to review Cencora's 8-K report.

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