A. SREENIVASA REDDY (ABU DHABI)
A unit of the Abu Dhabi Investment Authority (ADIA) will take a “significant” minority stake in US-based Hologic Inc., a leading medical diagnostics and women’s health technology company, as part of the $18.3 billion buyout deal led by Blackstone and TPG.
Under the agreement, Blackstone and TPG will acquire all outstanding Hologic shares for $76 per share in cash, with shareholders also receiving a non-tradable contingent value right (CVR) of up to $3 per share if the company achieves global revenue targets in its Breast Health business in fiscal years 2026 and 2027. This brings the total potential consideration to $79 per share, representing a 46% premium to Hologic’s closing price on May 23, 2025, prior to media reports about the possible deal. The details were announced in a joint statement by the two private equity firms on Tuesday.
Apart from ADIA, Singapore’s GIC is also a minority investor in the transaction, which is expected to close in the first half of 2026, the statement said. Upon completion, Hologic will be delisted from Nasdaq and will continue to operate under its existing brand from its Marlborough, Massachusetts headquarters.
Hologic, known for its innovations in women’s health diagnostics and imaging technologies, said the deal will allow it to accelerate growth and expand its portfolio beyond the constraints of quarterly earnings cycles.
“Today marks an exciting new chapter for Hologic as we join forces with the exceptional teams at Blackstone and TPG,” said Stephen P. MacMillan, Chairman, President and CEO of Hologic. “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.”
Ram Jagannath, Senior Managing Director at Blackstone, said the acquisition aligns with the firm’s focus on backing global healthcare leaders. “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.”
John Schilling, M.D., Co-Managing Partner of TPG Capital, added: “Investing behind healthcare innovation has been a core focus for TPG for decades, and Hologic represents a compelling opportunity to draw upon our deep thematic expertise to support the development of next-generation solutions that will continue to promote strong clinical results and enhance patient care.”
The acquisition—among the largest healthcare deals in nearly two decades—is supported by committed debt financing from Citigroup, Bank of America, Barclays, Royal Bank of Canada, and Sumitomo Mitsui Banking Corp.
Goldman Sachs & Co. LLC acted as exclusive financial adviser to Hologic, while Citi advised the Blackstone–TPG consortium. Legal counsel included Wachtell, Lipton, Rosen & Katz for Hologic and Kirkland & Ellis LLP and Ropes & Gray LLP for the buyers.
The merger agreement also includes a 45-day “go-shop” period, during which Hologic’s board and advisers may solicit or consider alternative acquisition proposals, though there is no assurance that a superior offer will emerge.
Upon completion, Blackstone and TPG will hold controlling interests, while ADIA and GIC’s minority participation underscores the growing appetite of sovereign wealth funds to invest in healthcare innovation at a global scale.