01—Abstract
Summary
Summary of the 8-K filed October 6, 2026. Cited figures are marked; the original filing is the authoritative source.
McKesson Corporation (NYSE: MCK) announced on October 6, 2026, that it has entered into a definitive agreement with Clayton, Dubilier & Rice (CD&R) to acquire a minority interest in Option Care Health, Inc. (Nasdaq: OPCH), the nation's largest independent provider of home and alternate site infusion services.
The transaction values Option Care Health at $32.05a per share, or a total enterprise value of approximately $5.8 billion, representing a premium of roughly 37% to its October 5, 2026 closing price. CD&R will hold a majority stake of approximately 51%, while McKesson will invest approximately $1.4 billion for a roughly 49% minority interest. For McKesson investors, the key takeaways are the size of the capital commitment relative to the company's strategy and the accounting treatment.
McKesson intends to account for its stake using the equity method, recording its share of Option Care Health's net income or loss within Other Income, net, which means the investment will flow through McKesson's earnings and could add volatility. The agreement also establishes a framework for McKesson to later acquire CD&R's interest, subject to conditions and regulatory approvals, which could represent a further future capital outlay. The filing does not disclose the expected financial impact on McKesson's earnings, leverage, or capital allocation beyond the investment amount.
The transaction is expected to close in the first half of calendar 2027, subject to Option Care Health stockholder approval and regulatory clearances. Upon closing, Option Care Health will be delisted from Nasdaq and become privately held, and it will continue to operate under its existing management team.
Option Care Health also withdrew its prior financial guidance and will not host a conference call for its Q3 2026 results, scheduled for November 4, 2026. Investors should monitor the proxy statement, regulatory process, and any future disclosures on McKesson's strategic rationale and financial impact.
02—Key points
Key Highlights
- McKesson will invest approximately $1.4 billion for a minority stake of roughly 49% in Option Care Health, alongside CD&R's majority ~51% interest.
- The deal values Option Care Health at $32.05 per share, a total enterprise value of approximately $5.8 billion and a premium of about 37% to the October 5, 2026 closing price.
- McKesson will use the equity method of accounting, recording its share of Option Care Health's net income or loss in Other Income, net, which will affect reported earnings.
- The agreement includes a framework for McKesson to acquire CD&R's interest in Option Care Health in the future, subject to specified conditions and regulatory approvals.
- Closing is expected in the first half of calendar 2027, pending Option Care Health stockholder approval and required regulatory approvals.
- The investment aligns with McKesson's strategy to expand access to specialty and complex therapies in lower-cost community and home settings.
- Option Care Health has withdrawn its prior 2026 financial guidance and will not host a call for its Q3 2026 results on November 4, 2026.
03—Questions
Frequently Asked Questions
How much is McKesson investing in Option Care Health?
McKesson will invest approximately $1.4 billion for a minority interest of roughly 49% in Option Care Health. CD&R will hold the majority interest of approximately 51%.
How will McKesson account for this investment?
After closing, McKesson intends to use the equity method of accounting. It will record its share of Option Care Health's net income or loss in Other Income, net, which may introduce earnings volatility tied to Option Care Health's performance.
When is the transaction expected to close, and what are the conditions?
The transaction is expected to close in the first half of calendar year 2027. Closing is subject to customary conditions, including approval by Option Care Health's stockholders and receipt of required regulatory approvals.
Does McKesson have an option to acquire full control of Option Care Health?
The agreement establishes a framework for McKesson's future acquisition of CD&R's interest in Option Care Health, subject to specified conditions and regulatory approvals. The filing does not provide further detail on timing or pricing of that potential acquisition.
What happens to Option Care Health's public listing and guidance?
Upon completion, Option Care Health's common stock will no longer be listed on Nasdaq and the company will become privately held. In the interim, Option Care Health is withdrawing its previously disclosed 2026 financial guidance and will release Q3 2026 results on November 4, 2026, without a live conference call.
04—Continue