McKesson agrees to take 49% as CD&R buys Option Care for $32.05

Option Care Health agreed on Tuesday to sell for $32.05 a share in cash, about 37% above Monday's close of $23.37, with McKesson taking about 49%. The companies valued the deal at about $5.8 billion, including debt.

McKesson would invest about $1.4 billion for that stake, about 1.3% of its market value. Clayton, Dubilier & Rice would own about 51%. Option Care would keep its own management, and the stock would stop trading.

The companies said the agreement sets a framework for McKesson to buy CD&R's interest later, subject to specified conditions and regulatory approvals.

At 10:23 a.m. Eastern time, the shares were at $31.05, up 32.9% on the day, and still about $1 short of that cash price.

From the end of 2025 through Monday, the shares had fallen about 27%. The offer is close to where they ended 2025, and still under the past year's high of $36.80.

Harry Kraemer, Option Care's board chairman, said the agreement "provides immediate cash value for our stockholders." The board, he said, "unanimously concluded this transaction maximizes value for our stockholders."

Option Care calls itself the country's largest independent provider of infusion therapy, medicines given at home or outside a hospital. Last year it reported $5.65 billion in revenue, up 13%.

Brian Tyler, McKesson's chair and chief executive, said McKesson is focused on care "in lower-cost community settings, at or closer to home."

What still has to happen

The companies expect to close in the first half of 2027, if Option Care's stockholders approve the sale and regulators clear it. The financing is already committed.

Option Care is withdrawing its financial guidance. It will still report third-quarter results on Wednesday, November 4, but it will not hold a conference call with that report.

The question left is whether McKesson buys the other 51%, and when.