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Gus Iversen, Editor in Chief | May 06, 2026
McKesson Corp. has agreed to sell a minority interest in its medical-surgical solutions business to funds managed by PE firm Apollo Global Management (Apollo Funds), marking a step toward the unit’s planned separation and initial public offering.
Under the terms of the deal, Apollo Funds will invest $1.25 billion in convertible preferred equity for an approximate 13% stake in the business, known as Medical-Surgical Solutions (MMS). The transaction implies a total enterprise valuation of about $13 billion for the unit. McKesson will retain majority ownership and continue to operate and consolidate MMS in its financial reporting.
The Irving, Texas-based company has been preparing to spin off MMS as part of a broader portfolio realignment. The agreement with Apollo is positioned as an interim step ahead of a public listing, though the timeline for an IPO has not been disclosed. The transaction remains subject to regulatory approval and standard closing conditions.
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MMS supplies medical products and services primarily to non-acute care providers, including physician offices, surgery centers and home health settings. The business has been a stable contributor within McKesson’s U.S. pharmaceutical and specialty distribution operations, with a focus on supply chain support outside hospital environments.
“This transaction marks a key milestone in McKesson’s planned separation of MMS,” said Brian Tyler, CEO of McKesson. “We are pleased to welcome Apollo as an important strategic and financial partner.”
Apollo executives pointed to the unit’s positioning in the healthcare supply chain and its potential as a stand-alone company. “MMS is a leading healthcare platform with a talented team and strong market position, playing a key role in healthcare supply chain resiliency across non-acute care settings,” said Apollo partner Maxwell David and managing director Jeff Armstrong.
McKesson indicated it will maintain strategic and financial flexibility as it advances the separation process, while continuing to oversee MMS operations during the transition.
