Cencora, Inc. (NYSE: COR) today announced it has signed a definitive agreement to acquire American Oncology Network, Inc. ("AON") (OTCQX:AONC), a physician-led network of more than 350 oncology providers across 21 states.

Cencora currently holds approximately 4% of the equity interests in AON and, under the terms of the transaction, has agreed to acquire all of the equity interests that it does not currently own. The transaction values AON at an enterprise value of $2.4 billion, consisting of $2.3 billion at closing and contingent value rights ("CVRs") of up to $100 million (with the CVRs payable by Cencora upon the satisfaction of certain conditions).

As it relates to Cencora’s cash outlay at the time of closing, certain AON stockholders may participate in an equity rollover representing up to 25% of AON. Assuming these stockholders retain 25% of AON through the equity rollover, Cencora expects to pay approximately $1.7 billion to increase its ownership in AON to 75%.

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