Drug distributor McKesson is partnering with private equity firm Clayton, Dubilier & Rice (CD&R) to acquire Option Care Health, a leading provider of home and alternate-site infusion services. The deal values Option Care at an enterprise value of approximately $5.8 billion.
The all-cash offer is $32.05 per share, a 37% premium to Option Care’s prior closing price. After the transaction closes, Option Care Health will become privately held and operate as a separate company.
CD&R will hold a 51% majority stake. McKesson will invest about $1.4 billion for the remaining 49% interest. The agreement also provides a framework for McKesson to potentially acquire CD&R’s stake in the future.
The transaction is expected to close in the first half of 2027, pending shareholder and regulatory approvals.