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McKesson sets acquisition
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September 23, 1997: 11:50 a.m. ET
Purchase of AmeriSource Health Corp. is valued at $2.25 billion
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NEW YORK (CNNfn) - Health care supply management company McKesson Corp. said Tuesday it will acquire AmeriSource Health Corp. in a stock and debt deal worth $2.25 billion.
AmeriSource distributes pharmaceuticals and other health care products to hospitals and other medical providers.
AmeriSource shareholders will receive 0.71 share of McKesson stock for each share of AmeriSource. McKesson will issue about 17.4 million new shares of common in the merger.
McKesson also will assume $532.3 million of AmeriSource's long-term debt.
The combined company will operate under the McKesson (MCK) name and will be headquartered at that company's base in San Francisco. It will have annual sales at about $26 billion, the company estimated.
The purchase is McKesson's second in the past year. Ten months ago it acquired FoxMeyer Drug for $3.4 billion. It closed 19 facilities since the merger, bringing the total number of McKesson pharmaceutical distribution centers to 40. AmeriSource (AAS) currently has 21.
McKesson said it believes AmeriSource's strong market share of the acute care business will complement its own focus on long-term care.
The transaction is expected to be completed in early 1998, pending shareholder and regulatory review.
-- Randy Schultz
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McKesson
AmeriSource
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