EyeSouth Partners Acquired by Cencora — Ophthalmology M&A

Cencora, the Conshohocken, Pennsylvania-based healthcare services company, has announced a definitive agreement to acquire the retina business of EyeSouth Partners, an Atlanta-based ophthalmology provider, for $1.1 billion. The deal is structured as an add-on acquisition and would bring EyeSouth’s affiliated retina physicians into Cencora’s managed services organization, Retina Consultants of America, upon closing. The transaction is expected to close after Cencora’s fiscal year ends on Sept. 30 and is anticipated to be slightly accretive to adjusted diluted EPS within the first 12 months.

The agreement fits Cencora’s broader physician acquisition strategy, which has increasingly emphasized specialty, higher-margin services while moving away from non-core activities. Retina-focused practices are part of a larger ophthalmology consolidation trend, where operators seek scale and clinical depth in areas such as vitreoretinal care. By expanding its retina footprint through EyeSouth, Cencora aims to deepen its managed services capabilities and strengthen its position in a segment that has benefited from sustained demand and evolving treatment options.

Cencora expects the EyeSouth retina transaction to close in the post–fiscal year period, with financial impact described as modestly positive in the near term. The announcement also follows Cencora’s recent physician platform buildout, including prior acquisitions in oncology and retina, underscoring its intent to grow specialty physician services through targeted add-ons.