Blackstone, TPG acquire Hologic in USD18b deal
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The news: PE giants Blackstone and TPG Inc have agreed to buy medical diagnostics firm Hologic in a deal worth up to USD18.3 billion ($28.2 billion), one of the largest healthcare take-private transactions this year.
The numbers: Under the agreement, Blackstone and TPG agreed to acquire all outstanding Hologic shares for USD76 apiece in cash. Shareholders are also eligible for a non-tradable right to receive up to USD3 per share, dependent on meeting certain revenue goals for its breast health business in 2026 and 2027. This would bring the total possible payout to USD79 per share.
The price marks a roughly 46% premium to Hologic’s closing price on 23 May.
The context: The transaction also includes investment from a subsidiary of the Abu Dhabi Investment Authority and Singaporean wealth fund GIC, which will take minority stakes in Hologic. Upon completion of the transaction which is expected in the first half of 2026, Hologic’s common stock will be delisted from the Nasdaq.
The deal includes committed debt financing from Citigroup, Bank of America, Barclays, Royal Bank of Canada and Sumitomo Mitsui Banking Corp.
Goldman Sachs is serving as exclusive financial adviser to Hologic, and Wachtell, Lipton, Rosen & Katz is serving as legal counsel to the Company.
Citi is serving as exclusive financial adviser, Kirkland & Ellis LLP is serving as legal counsel, and Ropes & Gray is serving as healthcare regulatory counsel to the Blackstone-and-TPG-led consortium.
The source: Hologic
