Covetrus and MWI Animal Health agree to merge in $3.5 billion deal

Covetrus has agreed to merge with MWI Animal Health. The fusion of the animal health technology and services company and global distributor of animal health products will create a “combined company offering a comprehensive animal health platform,” both companies said.¹

The transaction, announced by Covetrus and Cencora, MWI Animal Health’s parent company, puts MWI’s value at $3.5 billion. Under the terms of the agreement, Cencora will receive $1.25 billion in up-front cash, $800 million in preferred equity, and $1.45 billion in common equity in the combined company while keeping a 34.3% noncontrolling stake in the merged business.

The merger would unite MWI Animal Health’s global distribution operations serving the companion and production animal markets with Covetrus’ portfolio of veterinary software, pharmacy, and practice management services. The companies said the combination is intended to create a single platform spanning product distribution, technology, and services for veterinary professionals and producers.

MWI Animal Health has operated for more than 5 decades as a supplier of animal health products to veterinary practices and livestock producers. Covetrus, headquartered in Maine, provides technology-enabled tools designed to support veterinary practice operations, including ordering, inventory, and clinical workflow systems. In a press release announcing the merger, Ben Wolin, president and CEO of Covetrus, said the fusion was about making animal health care more accessible and affordable by expanding the company’s reach and capabilities through the addition of MWI Animal Health.

“Our mission has always been to empower veterinary practices to work smarter and deliver better care,” Wolin said in the announcement.¹ “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. This combination is about making animal health care more affordable and accessible, and we remain committed to driving innovation across the industry.”

Leadership at MWI Animal Health said the deal would combine its supply chain and customer relationships across companion and production animal health with Covetrus’ technology to better serve veterinarians and other animal health stakeholders.

Both companies said the merger is intended to expand access and affordability in animal health by delivering more timely, cost-effective solutions and a broader range of products for companion and production animal care. According to their press release, combining supply chain operations with pharmacy and practice management tools could improve efficiency and support practice growth. They also said the combined platform could support innovation by making it easier for new products to reach veterinarians, producers, and pet owners.

The deal remains subject to customary closing conditions, including regulatory approvals, the companies said. Cencora confirmed its fiscal year 2026 outlook and said it does not assume the transaction will be completed before September 2026, when its financial year ends.

Reference

Covetrus and MWI Animal Health to merge. News release. Cencora. February 18, 2026. Accessed February 23, 2026. https://www.businesswire.com/news/home/20260217754087/en/Covetrus-and-MWI-Animal-Health-to-Merge