Covetrus and MWI Animal Health to Merge

Industry | March 2026

Written by:

Graham Garrison is an editor and writer with experience in business and trade publications across several industries. He has worked for Veterinary Advantage since 2009.

The combination of Covetrus and MWI Animal Health aims to create a stronger, technology-enabled distribution platform serving companion, equine and production animal practices nationwide.

In a landmark transaction set to reshape the animal health services landscape, Covetrus and MWI Animal Health have agreed to merge, combining two of the veterinary industry’s largest distribution and technology players into a single, more comprehensive platform.

The deal, announced on February 18, 2026, values MWI at an enterprise value of $3.5 billion and unites a broad portfolio of supply chain, distribution, practice management technology and service offerings. Under the terms of the agreement, Cencora — the parent company of MWI — will receive $1.25 billion in cash, $800 million in preferred equity and $1.45 billion in common equity in the combined company, while retaining a 34.3% non-controlling interest in the merged entity.

Leaders from Covetrus, Cencora and MWI Animal Health shared their thoughts following the news:

“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, including veterinarians, producers, dealers, manufacturers, distributors and pet parents. This combination is about making animal healthcare more affordable and accessible, and we remain committed to driving innovation across the industry.”

“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 CEO 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.”

“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.”

Strategic implications for veterinary practices

The combined company is positioned to deliver enhanced value to veterinary practices through a broader range of products and services spanning companion animals, equine and production animal segments. By integrating MWI’s established distribution network with Covetrus’ advanced practice management and technology solutions, the merged platform aims to:

Expand access to veterinary products and supplies, improving affordability and timeliness of delivery for clinics and pet owners.

Advance operational efficiencies
by unifying supply chain and technology tools, potentially helping practices streamline ordering, inventory and patient care workflows.

Support innovation through enhanced support for product launches and broader customer reach across emerging channels.

Industry reaction and context

Analysts note that the merger reflects broader consolidation trends in animal health, as companies seek scale and differentiated offerings amid competitive pressures from manufacturers and large distributors. By combining capabilities, the new entity could offer a more diversified set of services to independent clinics, corporate hospital groups and allied animal health partners.

For Cencora, the transaction represents a strategic move to focus on core business priorities while maintaining exposure to the expanding animal health market through its retained equity position.

Next steps and regulatory review
The merger remains subject to customary closing conditions, including regulatory approvals, and is not currently expected to be completed before the end of Cencora’s fiscal year on September 30, 2026.

Image Credit:

istockphoto.com/Cecilie_Arcurs

>