Option Care Health, Inc. (OPCH) · Oct 6, 2026 · Acquisition
$5.8B acquisition — $32.05/share, approximately 37% premium to October 5 close
Option Care Health agreed to a $5.8 billion acquisition by CD&R and McKesson, offering $32.05 per share while withdrawing 2026 guidance.
Option Care Health is scaling the country’s largest independent home and alternate-site infusion platform, pursuing lower-cost care settings and technology-enabled growth. But the operating backdrop had become less explosive: Q2 2026 revenue rose 1.9%, even as its acute therapy portfolio posted high-single-digit growth.
The standalone public-company story is being replaced by a cash exit. CD&R and McKesson will acquire Option Care for $32.05 per share, implying approximately $5.8 billion of enterprise value.
The consideration is meaningfully above the market’s pre-deal baseline. The transaction represents an approximately 37% premium to the October 5 closing price, making this a clear monetization event rather than a routine strategic partnership. 〔0〕
The deal has more financing support than a typical announced buyout. The buyers have committed $2.87 billion of equity and up to $3.15 billion of debt financing, and closing is not conditioned on financing being obtained. 〔1〕 That reduces one important execution risk, although stockholder approval and healthcare and antitrust clearances remain conditions to closing.
The announcement also ends the company’s normal earnings-and-guidance framework. Option Care still plans to report third-quarter results on November 4, but it will not hold the usual conference call and has withdrawn its previously disclosed financial guidance. 〔2〕 The business continues operating, but investors will have less visibility into the standalone outlook while the transaction is pending.
The ownership structure preserves operating continuity but changes the strategic context. CD&R will own approximately 51%, McKesson approximately 49%, and Option Care will remain a separate company led by its existing management team. 〔3〕 The stated plan is to invest in technology and expand access to complex therapies, but those benefits are prospective and are not yet operating results.
Bottom line: This is a decisive strategic outcome: shareholders receive a substantial premium and the public-market standalone story gives way to a well-financed take-private transaction. The immediate business catalyst is execution through the November earnings release, proxy process, and regulatory approvals ahead of an expected first-half 2027 closing.
Q3 report, November 4
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