Cencora, Inc. entered into a definitive agreement on February 17, 2026, to merge its MWI Animal Health business with Covetrus, Inc. at an enterprise value of $3.5 billion, receiving $1.25 billion cash, $800 million preferred equity, and $1.45 billion common equity for a 34.3% stake in the combined entity.
Key takeaways
Definitive merger agreement dated February 17, 2026 between MWI Animal Health and Covetrus
MWI enterprise value of $3.5 billion
Cencora to receive $1.25 billion upfront cash proceeds
Cencora to receive $800 million perpetual payment-in-kind preferred units
Cencora to receive $1.45 billion in common units of CVET TopCo, LP
Expected 34.3% ownership in CVET TopCo, LP upon closing
Transaction subject to customary closing conditions including regulatory approvals