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Cencora to acquire majority stake in $2.4B American Oncology Network

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Cencora to acquire majority stake in $2.4B American Oncology Network

Cencora announced Wednesday morning a signed definitive agreement to acquire American Oncology Network, a collection of more than 350 oncology providers, in a deal valuing the network at $2.4 billion.

Cencora (formerly AmerisourceBergen) currently holds roughly 4% of the equity interests in AON, and is expecting to pay $1.7 billion to increase its ownership to 75% should eligible current stockholders fully participate in an equity rollover and retain 25% ownership. The deal has been approved by AON’s board, but is subject to stockholder approval and regulatory clearances.

The purchase builds on Cencora’s dealmaking involving oncology providers, strategic investments it has previously said can serve as a distribution avenue for its pharmaceuticals, care navigation tools and other operational and clinical support services. In late 2025 the company entered a $5 billion deal to acquire a majority stake in another network, OneOncology, in which it had already held a minority stake since 2023.

“The acquisition of AON will expand our physician-led oncology [managed services organization (MSO)] and support of care in communities across the country,” Robert P. Mauch, president and CEO of Cencora, said in the deal’s announcement. “AON serves as a trusted partner to oncology practices with a differentiated solution set designed to meet their comprehensive needs. With the addition of AON to our leading MSO network, we will enhance our capabilities for independent practices, strengthening patient access to high-quality, cost-effective care, while fortifying our growth platform to drive long-term value for our stakeholders.”

Fort Myers, Florida-based AON is an MSO launched in 2018 and provides clinical services as well as administrative support to community oncology practices in 21 states.


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