35 Billion Dollar Enterprise Value Animal Health Joint Venture Announced

Cencora, Inc. (NASDAQ: COR) has agreed to merge its subsidiary MWI Animal Health with animal health technology firm Covetrus, effective February 18, 2026. The transaction values MWI at $3.5 billion, and upon closing Cencora will receive $1.25 billion in cash, $800 million in preferred shares and $1.45 billion in common shares, giving it a 34.3 percent noncontrolling stake in the combined company’s common equity. The company has reaffirmed its fiscal 2026 guidance, and the merger is expected to close upon satisfaction of customary regulatory approvals and other closing conditions.

In its announcement, Cencora emphasized that the MWI merger will reorganize its animal health business structure and noted that its first-quarter fiscal 2026 earnings per share slightly exceeded market expectations.

Formerly known as AmerisourceBergen until its 2023 name change, Cencora is a global pharmaceutical distribution and services company with annual revenues exceeding $300 billion, making it one of the largest pharmaceutical wholesalers in the U.S. Building on its acquisition of MWI Animal Health, Cencora has expanded across both human and animal healthcare supply chains, and through the Covetrus merger it aims to create an integrated platform that combines animal pharmaceutical distribution with veterinary software solutions.