McKesson Corporation has finalized a definitive agreement to sell a minority ownership interest (13%) in its Medical-Surgical Solutions (MMS) business to funds managed by affiliates of Apollo. The strategic rationale for this transaction centers on a "separation-validation" play, merging the target's industry-leading technical operational depth in healthcare distribution with the acquirer's extensive expertise in supporting complex corporate carve-outs. This structural alignment provides the organization with the strategic and financial flexibility required to pursue its definitive separation strategy in preparation for a planned initial public offering. This operation allows the group to execute a definitive structural transition toward operating as a standalone company while maintaining a well-capitalized balance sheet. By incorporating the sponsor's strategic discipline and experience in public market transactions, the organization is now positioned to optimize its governance and operational platforms.

MEDICAL-SURGICAL SOLUTIONS, which reported an EBITDA margin of LOGIN in 2025, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN discount to the 13.4x average currently observed in the Healthcare & Pharma sector.

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