Private equity giants Blackstone and TPG have reached an agreement to acquire women’s health company Hologic Inc. in a deal valued at up to $18.3 billion, including debt.
Announced on Tuesday, the transaction will see Blackstone and TPG jointly purchase all outstanding shares of Hologic for $76 per share in cash. In addition to the cash offer, the agreement includes a contingent value right (CVR) that could provide shareholders with up to an additional $3 per share, paid in two installments of $1.50 each. This structure brings the total potential value of the deal to $79 per share.
The offer represents a 46% premium over Hologic’s share price as of May 23, the day before initial reports of a potential sale emerged. The deal underscores ongoing interest from private equity in healthcare assets, particularly companies with stable revenues, strong growth prospects, and a focus on high-demand services such as diagnostic and surgical solutions.
Hologic, best known for its innovations in diagnostic products and medical imaging for women’s health, has long been viewed as a strategic asset in the healthcare sector. The company’s strong position in breast health, diagnostics, and surgical products made it an attractive target for long-term investors seeking exposure to resilient healthcare demand.
While regulatory and shareholder approvals are still pending, the deal is expected to close in the first half of 2026. Upon completion, Hologic will become a privately held company and will no longer be listed on public stock exchanges.
For Blackstone and TPG, this acquisition reflects a broader trend among large buyout firms aiming to capitalize on steady-growth healthcare companies that offer long-term value creation opportunities. Both firms have been increasingly active in the sector, committing significant capital to healthcare deals amid a slowdown in tech-driven investments.
This transaction further demonstrates the shift in private equity focus toward essential service providers and companies with predictable cash flows. With healthcare demand expected to remain robust in the years ahead, especially in women’s health, the Hologic acquisition could prove a strategically sound move for both Blackstone and TPG.
