In a move that cements 2025 as the year of the megadeal, Hologic Inc. — the women’s health-focused medical technology company — announced Tuesday that it will be acquired by private equity giants Blackstone and TPG in a blockbuster deal valuing the company at $18.3 billion.

The transaction, one of the largest leveraged healthcare buyouts in recent memory, will see Blackstone and TPG purchase all outstanding shares of Hologic for $76 per share in cash, plus a nontradable contingent value right worth up to $3 per share, tied to performance milestones in Hologic’s breast health business through 2027.

The deal also welcomes minority investments from the Abu Dhabi Investment Authority and Singapore’s GIC, reinforcing global investor appetite for major healthcare assets.

A Transformational Moment for Women’s Health Leader

Wachtell Lipton Rosen & Katz is advising Hologic, while Kirkland & Ellis LLP represents the Blackstone–TPG consortium, with Ropes & Gray LLP handling healthcare regulatory matters for the private equity firms.

“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 chair, president, and CEO. “This transaction delivers immediate and compelling value to our stockholders.”

Based in Marlborough, Massachusetts, Hologic develops diagnostic tests, imaging systems, and surgical products that focus primarily on women’s health, including breast cancer screening and gynecological innovations. The company will continue to operate under its existing name after the deal closes.

The Deal That Defines a Dealmaking Wave

The acquisition arrives amid a surge in global M&A activity, marking 2025’s strongest showing since 2021. Even as smaller transactions lag, private equity megadeals are shaping the new corporate landscape.

Recent examples include a BlackRock-led consortium’s $40 billion acquisition of Aligned Data Centers and Walgreens Boots Alliance’s $23.7 billion sale to Sycamore Partners. Similarly, Novo Holdings’ $16.5 billion takeover of Catalent earlier this year underscored the sector’s appetite for large-scale buyouts.

“Hologic is an outstanding global leader in advancing women’s health,” said Ram Jagannath, senior managing director at Blackstone.

Dr. John Schilling, co-managing partner at TPG Capital, added, “This is a compelling opportunity to draw upon our deep thematic expertise to support next-generation healthcare solutions.”

Deal Structure and Legal Advisors

The deal, unanimously approved by Hologic’s board, is expected to close in the first half of 2026, pending regulatory and shareholder approval.

Goldman Sachs is serving as financial adviser to Hologic, while Citigroup advises the buyers. Fried Frank Harris Shriver & Jacobson LLP, led by partners Roy Tannenbaum and Philip Richter, counsels Goldman.

Sidley Austin LLP, with partners Ayo Badejo and Asi Kirmayer, represents GIC, the Singapore sovereign wealth fund managing the nation’s foreign reserves.

The Wachtell Lipton team includes partners Adam O. Emmerich and Benjamin M. Roth, while Kirkland & Ellis fields partners Lauren Colasacco, Chris Burwell, and Daniel Yip.

A Defining Move in Healthcare Private Equity

With this transaction, Blackstone and TPG reaffirm their dominance in private equity’s expanding healthcare frontier — where technological innovation and patient care profitability converge.

If approved, the Hologic acquisition will stand as a defining deal of the decade, showcasing how strategic capital continues to reshape the global healthcare landscape one billion-dollar buyout at a time.