McKesson and CD&R to acquire Option Care Health for $32.05 a share
The deal values the home infusion provider at an enterprise value of about $5.8 billion, a roughly 37% premium to Monday's closing price
Published
McKesson and Clayton, Dubilier & Rice have agreed to acquire Option Care Health for $32.05 a share, in a deal that values the home and alternate site infusion services provider at an enterprise value of approximately $5.8 billion.
CD&R will hold a majority stake of about 51%. McKesson will invest approximately $1.4 billion for the remaining 49%. The price represents a roughly 37% premium to Option Care Health's closing price on October 5, 2026.
The deal is expected to close in the first half of 2027, subject to approval from Option Care Health stockholders and regulatory clearance. Once it closes, Option Care Health's shares will be delisted from the Nasdaq and the company will go private.
The buyout extends a run of private equity take-privates in healthcare services. CD&R takes control, while McKesson's minority stake deepens its reach into home infusion beyond its core drug distribution business, giving it exposure to a shift in care away from hospitals without taking on full regulatory and integration risk, a structure that has become more common when strategics partner with buyout funds on asset-heavy health services targets. The size of the premium suggests the board saw limited upside in staying public at current pricing. Closing still depends on stockholder approval and antitrust clearance, a review that could draw scrutiny given McKesson's existing scale in drug distribution and specialty pharmacy.