Cardinal Health (NYSE: CAH) has entered into two definitive agreements to acquire the Diabetes Health business of AdaptHealth Corp. (NASDAQ: AHCO) and Strive Medical, a multi-specialty home medical supply provider focused on urology, for a combined approximately $360 million in cash, subject to working capital adjustments.

AdaptHealth's Diabetes Health business serves more than 225,000 patients annually through a centralized, mail-order, direct-to-patient model that delivers supplies such as continuous glucose monitors. Strive Medical serves more than 20,000 patients annually and specializes in urology, wound care, ostomy, and incontinence supplies.

Both transactions are intended to build on Cardinal Health's earlier acquisition of Advanced Diabetes Supply (ADS). Since that deal closed, the company said it migrated all ADS volume onto its distribution network, onboarded nearly 500,000 new customers, and launched a digital referral pathway program called ContinuCare Pathway.

The transactions are subject to customary closing conditions, including regulatory approvals, and are expected to be accretive to non-GAAP earnings per share within the first 12 months following close.

J.P. Morgan Securities LLC served as financial advisor to Cardinal Health on both acquisitions.