# Cencora Agrees to Acquire American Oncology Network at $2.4 Billion Enterprise Value

By John Kim

Canonical URL: https://www.tokenpost.com/news/business/37141
Published: 2026-10-21T23:12:42.000Z
Updated: 2026-10-21T23:12:42.000Z
Section: Business

> The physician-led network has more than 350 oncology providers in 21 states. The transaction would expand Cencora’s presence across 12 additional states.

Cencora agreed to acquire American Oncology Network in a transaction with a $2.4 billion enterprise value, a move that would broaden the company’s physician-led oncology presence across 12 additional states.

The agreement is dated Oct. 20, and Cencora announced it Oct. 21. American Oncology Network (AON) has more than 350 oncology providers across 21 states. The expansion would add to Cencora’s physician-led oncology managed-services organization, or MSO, platform.

The $2.4 billion enterprise value consists of $2.3 billion at closing and contingent value rights (CVRs) worth up to $100 million. The CVRs may be paid if certain conditions are met, so the full amount is not guaranteed at closing.

Cencora held about 4% of AON when the agreement was announced. If certain AON stockholders roll over 25% of the equity, Cencora expects to pay about $1.7 billion to increase its ownership to 75%. That figure applies to the rollover scenario described in the transaction terms.

Cencora President and CEO Robert P. Mauch said, “The acquisition of AON will expand our physician-led oncology MSO.” AON physicians are to retain authority over clinical decisions.

Cencora expects the acquisition to be accretive to adjusted diluted earnings per share (EPS) in its second year after closing. Completion depends on regulatory clearances, AON stockholder approval and other customary closing conditions. AON’s board approved the agreement after a unanimous recommendation from a special committee of independent and disinterested directors.