Major animal health merger expands access innovation and veterinary support
Cencora and Covetrus have announced a definitive agreement to merge Covetrus with MWI Animal Health, creating a stronger and more comprehensive animal health platform. The combined company aims to support veterinarians, producers, manufacturers, and pet owners through improved access to products, better technology, and stronger distribution networks.
"Our mission has always been to empower veterinary practices to work smarter and deliver better care," said Ben Wolin, President and Chief Executive Officer 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, including veterinarians, producers, dealers, manufacturers, distributors and pet parents," said Wolin.
“This combination is about making animal healthcare more affordable and accessible, and we remain committed to driving innovation across the industry," said Wolin.
The merger brings together MWI’s long-established distribution expertise and Covetrus’ technology-driven solutions.
"As the animal health sector has grown and developed, so too have the needs of MWI's stakeholders. This transaction positions MWI for success with a partner strategically focused on and dedicated to animal health, while allowing Cencora to further invest in our key growth priorities," said Bob Mauch, President and Chief Executive Officer of Cencora.
"By joining with Covetrus, MWI will continue its longstanding 50-year legacy of providing exceptional service and efficiency to the animal health industry said Mauch.
Company leaders explained that the partnership is designed to make animal healthcare more affordable and accessible while helping veterinary practices operate more efficiently.
By combining logistics strength with digital tools, the new platform is expected to provide better services for both companion and production of animal sectors.Industry leaders highlighted that the animal health sector has grown significantly in recent years, creating new challenges and opportunities.
The agreement is expected to improve supply chain efficiency, reduce operational costs, and help veterinary professionals access a wider range of products and services. This could support clinics in managing daily operations while improving care delivery to animals.
The transaction values MWI Animal Health at an enterprise value of $3.5 billion. Under the agreement, Cencora will receive $1.25 billion in upfront cash, $800 million in preferred equity, and $1.45 billion in common equity, resulting in a non-controlling 34.3% stake in the combined company. The deal remains subject to regulatory approvals and standard closing conditions.
Company executives stated that the combination will also support innovation by helping manufacturers launch new animal health products more effectively. The expanded platform is expected to improve product availability and reach across different customer channels.
Cencora confirmed that its fiscal 2026 financial guidance currently does not include the transaction closing within that fiscal year. Overall, the merger represents a major step toward improving efficiency, affordability, and innovation across the global animal health ecosystem while maintaining strong support for veterinary professionals and producers.
"MWI and Covetrus share a common vision to support our customers, manufacturer partners and innovators to advance animal care. The combination of MWI's supply chain expertise, innovation and trusted customer relationships in companion and production animal health with Covetrus' tech-enabled solutions for veterinarians will equip us to more effectively serve all our stakeholders," said Steve Shell, SVP and President, MWI Animal Health.
"On behalf of MWI, I am excited for our teams to come together and advance our shared mission of improving outcomes for animals and the experiences of their caregivers,” said Shell.
Photo Credit: istock-dusanpetkovic