Blackstone and ADIA Acquire Hologic for $18.3 Billion

Hologic Inc on Tuesday announced that it has entered into a definitive agreement to be acquired by funds managed by Blackstone and TPG in a transaction valued at up to $79 per share, representing an enterprise value of up to $18.3 billion.

The transaction includes significant minority investments from a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) and an affiliate of GIC, Blackstone said.

Under the terms of the agreement, 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, in whole or in part, following achievement of certain global revenue goals for Hologic’s Breast Health business in fiscal years 2026 and 2027.

 The aggregate purchase price represents a premium of approximately 46% to Hologic’s closing price on 23 May 2025, the last full trading day prior to media reports regarding a possible transaction involving Hologic.

Hologic’s Chairman, President and CEO Stephen P MacMillan said that this was an exciting new chapter for his company as they have joined forces with the exceptional teams at Blackstone and TPG.

“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,” he added.

A Senior Managing Director at Blackstone Ram Jagannath said that Hologic is an outstanding global leader in advancing women’s health, with a longstanding reputation for ground-breaking and high-quality medical device and diagnostic products.

“We have 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,” Jagannath added.

Transaction Details

The transaction is expected to close in the first half of calendar year 2026, subject to the approval of Hologic’s stockholders, the receipt of required regulatory approvals and the satisfaction of certain other customary closing conditions. The Hologic Board of Directors has unanimously approved the merger agreement and recommends that Hologic stockholders vote their shares to approve the transaction and adopt the merger agreement.

Blackstone and TPG have secured committed financing for the transaction. They have delivered to Hologic a debt financing commitment letter from Citi, Bank of America, Barclays, Royal Bank of Canada and SMBC, and equity commitment letters from funds advised by Blackstone and TPG that, taking into account the Company’s balance sheet, in the aggregate, were sufficient to fund the purchase price and pay related fees and expenses at closing. Blackstone’s private equity strategy for individual investors is also expected to invest as part of the transaction. TPG is investing in Hologic through TPG Capital, the firm’s U.S. and European private equity platform.

Hologic Q4 Results

As announced on October 2, Hologic plans to report its financial results for the fourth quarter of fiscal 2025 on November 3. Given the transaction announced on Tuesday, Hologic does not intend to provide financial guidance for fiscal 2026.

In addition, Hologic does not plan to hold any earnings calls while the transaction is pending. The Company plans to file its Form 10-K for fiscal 2025 with the SEC in late November.