Option Care Health to Be Acquired by CD&R and McKesson for $32.05/Share in $5.8B Deal
OPCH sits 56% above its 52-week low of $18.01.
Summary
Option Care Health agreed to be acquired by CD&R and McKesson for $32.05 per share in cash, a ~$5.8 billion enterprise value deal expected to close in H1 2027. The company withdrew its 2026 guidance and will not host a Q3 earnings call.
Updates
· SEC DEFA14A — The merger agreement includes a $145.96 million company termination fee and a $291.93 million parent termination fee, with equity commitments of $2.87 billion and debt commitments of $3.15 billion plus a $500 million revolving credit facility.
Key Events · M&A and Partnerships · OPCH
-
Definitive Merger Agreement Signed
A definitive agreement has been reached for Option Care Health to be acquired by CD&R and McKesson for $32.05 per share in cash, a ~$5.8 billion enterprise value. The board unanimously approved the deal.
-
Ownership Split and McKesson Investment
CD&R will hold approximately 51% and McKesson approximately 49%, with McKesson investing roughly $1.4 billion. A framework exists for McKesson's future acquisition of CD&R's interest.
-
Fully Committed Financing
Financing includes $2.87 billion in equity commitments from CD&R Fund XII and McKesson, a $3.15 billion debt commitment, and a $500 million revolving credit facility.
-
Termination Fees
The company would pay a $145.96 million termination fee in certain scenarios; the parent would pay $291.93 million if it fails to close.
Analysis · OPCH · Industrial Applications And Services
A definitive merger agreement will see Option Care Health acquired by Clayton, Dubilier & Rice and McKesson Corporation for $32.05 per share in cash, valuing the company at approximately $5.8 billion. The board unanimously approved the deal, and Centerview Partners delivered a fairness opinion. The transaction is expected to close in the first half of 2027, subject to stockholder approval, HSR clearance, and healthcare regulatory approvals. CD&R will hold approximately 51% ownership and McKesson approximately 49%, with McKesson investing roughly $1.4 billion. The company also withdrew its 2026 financial guidance and will not host a Q3 earnings call. Financing is fully committed: $2.87 billion in equity commitments from CD&R Fund XII and McKesson, plus a $3.15 billion debt commitment and a $500 million revolving facility. Termination fees are $145.96 million payable by the company and $291.93 million payable by the parent. This is a thesis-altering event — shareholders will receive cash and the company will be delisted from Nasdaq.
How filings like this one have moved
In the 30 days to Oct 6, 2026, 42.7% of the 302 measured filings Wiseek scored 9 moved their stock by 5% or more by the next session's close. The median move was -0.70%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, OPCH was trading at $28.16 on NASDAQ in the Industrial Applications And Services sector, with a market capitalization of approximately $3.5B. The 52-week trading range was $18.01 to $36.80. This filing was assessed with positive market sentiment and an importance score of 9 out of 10.