Hologic has entered into a definitive agreement to be acquired by alternative asset management firms Blackstone and TPG, in a transaction valued at up to $18.3 billion in enterprise value.
Under the terms of the agreement, Hologic stockholders will receive $76 per share in cash, along with the potential to earn an additional $3 per share through a contingent value right (CVR). The CVR, which is non-tradable, will be distributed following the deal’s completion and tied to the performance of Hologic’s Breast Health business, based on achieving specified global revenue targets in fiscal years 2026 and 2027. Each CVR payment could be worth up to $1.50 per share.
The acquisition represents a 46% premium over Hologic’s closing share price on May 23, 2025, the day before media reports about the potential deal surfaced.
“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 MacMillan, chairman, president, and CEO of Hologic.
In addition to Blackstone and TPG, the transaction includes minority investments from a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) and an affiliate of GIC.
The deal, which has received unanimous approval from Hologic’s board of directors, is expected to close in the first half of 2026, subject to shareholder approval, regulatory reviews, and customary closing conditions. Hologic’s board has recommended that stockholders vote in favor of the merger.
Financing for the acquisition has been secured by Blackstone and TPG, with debt commitments from Bank of America, Citi, Barclays, SMBC, and Royal Bank of Canada. Both firms have also confirmed equity financing commitments through their respective funds — Blackstone via its private equity strategy for individual investors and TPG through its TPG Capital platform.
Following the completion of the transaction, Hologic will be delisted from the Nasdaq stock exchange, but will retain its name, brand, and headquarters in Massachusetts, USA.
Goldman Sachs & Co. is serving as Hologic’s exclusive financial advisor, with Wachtell, Lipton, Rosen & Katz providing legal counsel. On the buy side, Citi is acting as financial advisor to the Blackstone–TPG consortium, with Kirkland & Ellis offering legal counsel and Ropes & Gray advising on healthcare regulatory matters.
Earlier this month, Hologic announced that it had received FDA clearance for its first gastrointestinal pathogen detection tests, further expanding its diagnostic portfolio.
Also Read