Covetrus Announces Strategic Merger with MWI Animal Health
In a move set to reshape the animal health landscape, Cencora, Inc. and Covetrus today announced a definitive agreement to merge Covetrus and MWI Animal Health. The combined company aims to deliver a comprehensive, tech-enabled animal health platform spanning companion, equine, and large-animal markets.
“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 — veterinarians, producers, dealers, manufacturers, distributors, and pet parents alike. This combination is about making animal healthcare more affordable and accessible while driving innovation across the industry.”
Bob Mauch, President and CEO of Cencora, added, “MWI has a 50-year legacy of providing exceptional service and efficiency in the animal health sector. This transaction positions MWI for continued success while allowing Cencora to invest in key growth priorities, all with a strategic partner dedicated to animal health.”
Steve Shell, SVP and President of MWI Animal Health, highlighted the shared vision: “MWI and Covetrus are aligned in supporting our customers, manufacturer partners, and innovators to advance animal care. By combining MWI’s supply chain expertise and trusted customer relationships with Covetrus’ tech-enabled solutions, we’ll be able to better serve all stakeholders, improve outcomes for animals, and enhance experiences for their caregivers.”
Expanding Access, Affordability, and Innovation
The merger promises significant benefits across the animal health ecosystem:
Advancing Affordability and Access: Veterinary practices and animal health professionals will gain timely, cost-effective access to a broader range of products and solutions for both companion and large animals.
Operational Efficiencies: Integrating supply chain strength with pharmacy and practice management solutions will improve operational efficiencies and deliver meaningful cost savings for both veterinary professionals and pet owners.
Supporting Innovation: The expanded platform will enable manufacturers to launch new products more effectively, improve adoption across emerging channels, and enhance access to care for veterinarians, producers, and pet owners.
Transaction Overview
The transaction values MWI at an enterprise value of $3.5 billion, exceeding Cencora’s current book value of the business. Upon closing, Cencora will receive upfront cash proceeds of $1.25 billion, $800 million in preferred equity, and $1.45 billion in common equity in the combined company, resulting in a 34.3% non-controlling stake in the new entity. Closing is subject to customary conditions, including regulatory approvals.
Cencora’s fiscal 2026 financial guidance does not currently account for the completion of this transaction by September 30, 2026.
