On October 20, TPG and Blackstone announced that they entered into a definitive agreement to acquire Hologic, Inc. The purchase represents an enterprise value of up to $18.3 billion.
Founded in 1985, Hologic develops, manufactures and sells premium diagnostic products, medical imaging systems and surgical products, primarily for women’s health. Hologic reported an annual revenue of more than $4 billion for its 2024 fiscal year, which ended on September 28, 2024.
TPG is a global alternative asset management firm. It was founded in San Francisco in 1992 and has $246 billion of assets under management.
Blackstone is the world’s largest alternative asset manager. The company’s more than $1.1 trillion in assets under management include global investment strategies focused on real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets, secondaries and hedge funds.
Under the terms of the agreement, Blackstone and TPG will acquire all outstanding Hologic shares for $76 per share in cash, plus a non-tradable contingent value right to receive up to $3 per share in two payments of up to $1.50 each. The total consideration amounts to up to $79 per share in cash. Upon completion of the transaction, Hologic’s common stock will be delisted from the Nasdaq stock market.
The aggregate purchase price represents a premium of approximately 46% to Hologic’s closing price on May 23, 2025, the last full trading day prior to media reports regarding a possible transaction involving Hologic.
Goldman Sachs & Co. LLC is serving as exclusive financial advisor to Hologic, and Wachtell, Lipton, Rosen & Katz is serving as legal counsel. Citi is serving as exclusive financial advisor, Kirkland & Ellis LLP is serving as legal counsel and Ropes & Gray is serving as healthcare regulatory counsel to the Blackstone-and-TPG-led consortium.
According to data captured in the LevinPro HC database, this transaction represents the 70th Medical Device acquisition of 2025. Between January 1, 2024, and October 20, 2024, 74 Medical Device deals were reported.
Additionally, this marks TPG’s second acquisition of 2025. In April, the company purchased Five Good Friends, a home health provider. This is also Blackstone’s second acquisition of the year. In March, Blackstone acquired CMIC, a Japanese contract research organization.
