Blackstone, TPG to take Hologic private for US$18.3bn

Private equity firms Blackstone and TPG will acquire femtech firm Hologic for US$18.3bn, delisting the women’s health diagnostics group if regulators approve the deal.

Hologic, known for breast and cervical cancer screening technologies, agreed to be bought for US$76 per share in cash — nearly a 6 per cent premium to its last close. A contingent value right could add up to US$3 per share if revenue targets in Breast Health are met in fiscal 2026–27, taking the total to US$79.

The transaction would be the largest medtech deal since 2006 and is slated to close in the first half of 2026, subject to approvals. Hologic would be taken off Nasdaq on completion.

“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 CEO.

“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.”

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.”

Financing includes commitments from Citigroup, Bank of America, Barclays, Royal Bank of Canada and Sumitomo Mitsui Banking Corp. Minority stakes will come from an Abu Dhabi Investment Authority unit and an affiliate of GIC.

Advisers: Goldman Sachs is advising Hologic; Citi is advising the Blackstone-TPG consortium. Legal counsel includes Wachtell, Lipton, Rosen & Katz for Hologic and Kirkland & Ellis and Ropes & Gray for the buyers.