Blackstone, TPG to Acquire Hologic in $18.3B Take-Private Deal
Blackstone and TPG have agreed to acquire Hologic, Inc. (NASDAQ: HOLX), a global leader in medical diagnostics and women’s health, in a deal valued at up to $18.3 billion, marking one of the largest healthcare take-private transactions of 2025.
Under the terms of the agreement, the private equity firms will purchase all outstanding Hologic shares for $76 per share in cash, plus a non-tradable contingent value right (CVR) of up to $3 per share, payable in two potential installments of up to $1.50 each. The CVR will be distributed to Hologic stockholders at closing and may be paid following the achievement of specific global revenue milestones in the company’s Breast Health division during fiscal years 2026 and 2027.
The total consideration of up to $79 per share represents a 46% premium to Hologic’s closing price on May 23, 2025, the last trading day before reports surfaced about a potential sale. The transaction also includes minority investments from a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) and an affiliate of GIC.
“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,” said Stephen P. MacMillan, Hologic’s Chairman, President, and CEO.
Hologic, which will remain headquartered in Marlborough, Massachusetts, will continue operating under its existing name and brand. The acquisition is expected to close in the first half of 2026.
The agreement also includes a 45-day “go-shop” period, allowing Hologic and its advisors to solicit and evaluate alternative acquisition proposals from other potential bidders.
Blackstone’s private equity strategy for individual investors will participate in the transaction, while TPG is investing through its U.S. and European private equity platform, TPG Capital.
Advisors to the transaction include Goldman Sachs & Co. LLC as exclusive financial advisor and Wachtell, Lipton, Rosen & Katz as legal counsel to Hologic. The Blackstone–TPG consortium is advised by Citi as exclusive financial advisor, Kirkland & Ellis LLP as legal counsel, and Ropes & Gray LLP as healthcare regulatory counsel.