Hologic, Inc. (HOLX) entered a merger agreement on October 21, 2025, to be taken private by private equity firms Blackstone (BX) and TPG (TPG) in a deal valued at $18.3 billion.
Blackstone and TPG will acquire all outstanding Hologic shares for $76 per share in cash plus a non-tradable contingent value right (CVR) to receive up to $3 per share in two payments of up to $1.50 each, for total consideration of up to $79 per share in cash.
The non-tradable CVR would be issued to Hologic stockholders at closing and paid following the achievement of certain global revenue goals for Hologic’s Breast Health business in 2026 and 2027.
The cash price of $76 represents a premium of 5.75% from the stock’s last close.
Hologic is a global leader in women’s health, specializing in innovative diagnostic, imaging, and surgical technologies that enable early detection and treatment of health conditions like breast cancer worldwide.
Blackstone is the world’s largest alternative asset manager, investing across real estate, private equity, credit, and hedge fund solutions to create long-term value for institutional and individual investors globally. The firm manages approximately $1.2 trillion in assets under management (AUM) across a diverse range of global investment strategies.
TPG is a leading global alternative asset management firm, investing across private equity, credit, real estate, and impact strategies to create value for investors, portfolio companies, and communities worldwide, with approximately $261 billion in assets under management.
In May, the Financial Times reported that TPG and Blackstone had made an approach to take Hologic private. The stock was trading at $54.28 before it was revealed that the offer valued Hologic’s shares at $70 to $72.
The deal includes significant minority investments from a subsidiary of the Abu Dhabi Investment Authority (ADIA) and an affiliate of GIC.
The deal is expected to close in the first half of 2026.
Blackstone and TPG have arranged the financing needed for the deal. They provided Hologic with a debt financing commitment letter from Citi, Bank of America, Barclays, Royal Bank of Canada, and SMBC.
They also submitted equity commitment letters from funds managed by Blackstone and TPG. Together with Hologic’s existing funds, this financing will fully cover the purchase price and related costs at closing.
Blackstone’s private equity strategy for individual investors is expected to invest in the deal. TPG will make its investment through TPG Capital, the firm’s U.S. and European private equity platform.
The company will continue to be headquartered in Marlborough, Massachusetts, and will operate under the Hologic name and brand.
The merger agreement includes a 45-day “go-shop” period.
Hologic was advised by Goldman Sachs on financial matters and by Wachtell, Lipton, Rosen & Katz on legal matters. Blackstone and TPG received financial advice from Citi and legal advice from Kirkland & Ellis.
Blackstone and TPG are paying 13.69 times the EBITDA for Hologic.
For a more in-depth analysis of this acquisition, visit the Deal Metrics page here:
Deal Metrics for the acquisition of Hologic, Inc. (HOLX) by Blackstone and TPG (BX)
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Editor’s Note: Baranjot Kaur contributed to this article