McKesson and CD&R to Acquire Option Care Health for $5.8 Billion

CD&R and McKesson Corporation (MCK) entered a merger agreement on October 6, 2026, to acquire Option Care Health, Inc. (OPCH) in a deal valued at $5.8 billion.

Deal Structure:

CD&R and McKesson will acquire Option Care Health for $32.05 per share, representing a premium of 37.14% over the stock’s last close.

Company Profile:

Option Care Health is a U.S.-based provider of home and alternate-site infusion services, delivering intravenous and injectable medications to patients with acute and chronic conditions outside of hospital settings. The company operates a national network of pharmacies and clinical professionals, serving patients across all 50 states.

CD&R is a private investment firm with about $87 billion in assets under management, investing across healthcare, industrials, consumer, technology, and financial services.

McKesson is a healthcare company that distributes pharmaceutical and medical products to pharmacies, hospitals, health systems, and other healthcare providers. It also provides technology, practice management, and supply chain services to healthcare and biopharmaceutical companies.

Deal Details and Timeline:

CD&R will own roughly 51% of Option Care Health, while McKesson will invest approximately $1.4 billion to own the remaining 49%.

Option Care Health will continue to operate as a standalone company under the leadership of its existing management team.

The merger is expected to close in the first half of 2027.

Centerview Partners served as financial advisor and Kirkland & Ellis as legal advisor to Option Care Health. Meanwhile, BofA Securities, Barclays, Goldman Sachs, Jefferies, and Wells Fargo provided financial advisory services, while Debevoise & Plimpton, Davis Polk & Wardwell, and Reed Smith served as legal counsel to CD&R and McKesson Corporation.

McKesson and CD&R are acquiring Option Care Health at 11.02 times its EBITDA.

Deal Metrics:

For additional details about this M&A transaction, the Deal Metrics page can be accessed here:

Deal Metrics for the acquisition of Option Care Health, Inc. (OPCH) by CD&R and McKesson Corporation (MCK)

The Deal Metrics page for each merger or acquisition includes:

• A spread history chart of the merger from announcement through eventual completion or failure.
• Every event as the merger progresses through the expiration of the HSR period, various regulatory approvals, shareholder votes, etc.
• News and SEC filings.
• A history of deal updates.
• And much more.

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Editor’s Note: Baranjot Kaur contributed to this article