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February 20, 2026 |
Issue: Online
Covetrus and MWI Animal Health have reached a definitive agreement to merge, forming a combined company that will deliver a comprehensive range of products and solutions to veterinary practices. Under the transaction’s terms, MWI’s parent company, Cencora, will receive $1.25 billion in upfront cash, $800 million in preferred equity, and $1.45 billion in common equity in the merged business. The deal values MWI at $3.5 billion in enterprise value and gives Cencora a non-controlling 34.3% common equity stake in the combined company.
The merger will unite MWI’s extensive distribution capabilities with Covetrus’ technology-enabled services, creating an integrated animal health platform that supports companion, equine, and production animal markets. Leaders from both companies claim that the deal will enhance access to products and services for veterinarians, producers, manufacturers, distributors, and pet owners.
“Our mission has always been to empower veterinary practices to work smarter and deliver better care,” said Ben Wolin, president and CEO of Covetrus. “By bringing MWI’s strong distribution capabilities and expertise to our business, we can offer more solutions to more customers, improve logistics, create savings, and develop innovative new ways to support the animal health ecosystem.”
According to the companies, the merged business will focus on improving efficient operations and expanding access to animal health products and services. By combining MWI’s supply chain expertise with Covetrus’ pharmacy and practice management solutions, the deal could yield cost savings for veterinary practices.
Cencora’s leadership also highlighted the transaction’s strategic nature. “This transaction positions MWI for success with a partner strategically focused on and dedicated to animal health, while allowing Cencora to further invest in our key growth priorities,” said Bob Mauch, Cencora’s president and CEO.
Completion of the merger remains subject to customary closing conditions, including regulatory approvals. Cencora has noted that it does not expect the transaction to close before the end of its fiscal year on September 30, 2026.
Once finalized, the combined animal health platform is expected to offer a broader set of resources and tools to support the veterinary profession, enhance innovation adoption, and address evolving needs across the animal health industry.
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