Blackstone & TPG to Acquire Medtech Company Hologic for $18.3 Bn

Hologic shareholders will receive $76 per share in cash, along with a potential earn-out of up to $3 per share based on revenue milestones from the company’s breast-health segment for fiscal years 2026 and 2027

Private equity firms Blackstone and TPG have announced the takeover of Massachusetts-based medtech company Hologic for $18.3 Bn, including debt, making it one of the largest private-equity transactions in the medtech sector in recent years.

Reportedly, the deal marks the largest acquisition of a medical device company since Boston Scientific bought Guidant Corp for $27 billion in 2006.

“Today marks an exciting new chapter for Hologic as we join forces with the exceptional teams at Blackstone and TPG,” said Stephen P. MacMillan, Hologic’s Chairman, President, and Chief Executive Officer.

“With their resources, expertise, and commitment to women’s health, Blackstone and TPG will help accelerate our growth and enhance our ability to deliver critical medical technologies to customers and their patients around the world. This transaction delivers immediate and compelling value to Hologic stockholders, reflecting the dedication of our employees whose hard work has made this milestone possible.”

Financing & Structure

As per the announcement, Hologic shareholders are expected to receive $76 per share in cash, along with a potential earn-out of up to $3 per share based on revenue milestones from the company’s breast-health segment for fiscal years 2026 and 2027.

The deal, unanimously approved by Hologic’s board of directors, represents a 46% premium to the company’s closing share price before the takeover announcement. The transaction is expected to close in the first half of calendar year 2026, subject to the approval of Hologic’s stockholders, the receipt of required regulatory approvals, and the satisfaction of certain other customary closing conditions.

Commenting on the acquisition, Ram Jagannath, a Senior Managing Director at Blackstone, said, “Hologic is an outstanding global leader in advancing women’s health, with a longstanding reputation for groundbreaking and high-quality medical device and diagnostic products. We have closely followed the Company for many years and long admired the positive impact its life-changing technologies have had for millions of patients worldwide. We are thrilled to partner with its highly talented and capable employees, alongside TPG, to further invest in Hologic’s continued product innovation and growth.”

Adding to this, John Schilling, M.D., Co-Managing Partner of TPG Capital, said, “Hologic’s innovation-driven medical products and technologies are advancing detection and care to improve health outcomes for women around the world.”

He further added, “Investing behind healthcare innovation has been a core focus for TPG for decades, and Hologic represents a compelling opportunity to draw upon our deep thematic expertise to support the development of next-generation solutions that will continue to promote strong clinical results and enhance patient care. We’re proud to partner with the Hologic team and Blackstone in this exciting new chapter.

As per reports, Blackstone and TPG have secured committed financing for the acquisition, supported by a debt-financing commitment letter from Citi, Bank of America, Barclays, Royal Bank of Canada, and SMBC.

Upon completion of the transaction, Hologic’s common stock will be delisted from the Nasdaq, and the company will continue to operate under the Hologic name from its Marlborough, Massachusetts headquarters.

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