McKesson closes $1.25B Apollo deal, paving way for medical unit spinoff

McKesson Corporation completed its transaction with Apollo Funds on June 1, 2026.

Apollo invested $1.25 billion for a minority stake in the Medical-Surgical Solutions (MMS) business. The deal grants Apollo an approximate 13% interest through convertible preferred equity.

This investment values the MMS unit at a total enterprise valuation of $13 billion. The transaction marks a milestone in McKesson’s plan to spin off MMS into an independent, public company. McKesson retains majority ownership and operational control of the business.