Cencora, Inc. (COR) announced Monday that it's buying out the rest of OneOncology, acquiring the majority stake it doesn't already own from TPG and other shareholders in a deal that values the entire enterprise at $7.4 billion.

Here's how the math works: Cencora is paying approximately $3.6 billion in direct consideration and retiring OneOncology's existing corporate debt of $1.3 billion, bringing the total transaction value to roughly $5 billion. The equity value comes in at about $6 billion. OneOncology's affiliated practices and management team will keep a minority stake in the business.

Why OneOncology Matters

Cencora already had an initial investment in OneOncology, which operates as a platform designed to help community medical practices maintain their independence while improving patient access to care in their local communities. The appeal? Treating patients in community settings typically costs less than hospital-based care, which matters in a healthcare system constantly wrestling with cost pressures.

The transaction is expected to close by the end of Cencora's fiscal 2026 second quarter. The company plans to fund the acquisition through new debt financing, and the current fiscal 2026 guidance doesn't yet factor in OneOncology's impact. Cencora expects the deal to be approximately neutral to its adjusted diluted EPS in the first twelve months after closing, once you account for financing costs.

This isn't Cencora's first rodeo in specialty healthcare acquisitions. In 2024, the company bought Retina Consultants of America, a management services organization serving retina specialists, from Webster Equity Partners for $4.6 billion.

Fiscal 2026 Outlook Stays Put

To demonstrate confidence in its continued growth trajectory, Cencora is reiterating its fiscal 2026 consolidated guidance. The company expects sales growth of 5% to 7% from fiscal 2025 sales of $321.3 billion.

But here's the catch: in anticipation of the OneOncology acquisition, Cencora is hitting pause on share repurchases. That means the company's full-year adjusted diluted EPS will more likely land toward the lower half of its guidance range of $17.45 to $17.75. It's not a reduction in guidance, just a shift in where within that range the final number is expected to settle.

Long-Term Picture Gets Brighter

Looking beyond the immediate future, Cencora is raising its long-term guidance to reflect what OneOncology is expected to contribute to its U.S. Healthcare Solutions segment. The company now expects adjusted operating income growth of 7% to 10%, up from its previous range of 6% to 9%. Adjusted earnings per share growth guidance is also getting bumped up to 10% to 14%, compared to the prior 9% to 13% range.

Cencora shares were trading up 0.05% at $346.16 during premarket trading on Friday.