TPG and AmerisourceBergen today announced that they have agreed to acquire OneOncology, a network of leading oncology practices, from global growth equity firm General Atlantic. TPG has agreed to acquire a majority interest in OneOncology, and AmerisourceBergen will acquire a minority interest. AmerisourceBergen will purchase its minority interest in the joint venture for approximately $685 million in cash, which will represent approximately 35% ownership in the joint venture.
OneOncology’s affiliated practices, physicians, and management team will also retain a minority interest in the company. The transaction values OneOncology at $2.1 billion.
J.P. Morgan Securities is serving as exclusive financial advisor to AmerisourceBergen, and Morgan, Lewis & Bockius and Sidley Austin are AmerisourceBergen’s legal advisors. Debevoise & Plimpton and Mintz, Levin, Cohn, Ferris, Glovsky and Popeo are legal advisors to TPG, and Guggenheim Securities is also serving as an advisor to the firm. Centerview Partners is exclusive financial advisor to OneOncology and General Atlantic, and Paul, Weiss, Rifkind, Wharton & Garrison is serving as OneOncology and General Atlantic’s legal advisor.
The deal is expected to close by the end of September. Read more.
