Blackstone and TPG have entered a definitive agreement to acquire Hologic, the diagnostics and women's health medtech company, for up to $18.3 billion — the decade's largest healthcare leveraged buyout, expected to close in the first half of 2026.

Under the deal terms, shareholders will receive $76 per share in cash plus a non-tradable contingent value right worth up to $3 per share in two payments, for total consideration of up to $79 per share. That represents a 46% premium to Hologic's closing price on May 23, 2025, the last trading day before media reports of a possible transaction.

The Abu Dhabi Investment Authority and GIC are making significant minority investments alongside the sponsors. Blackstone and TPG have secured $12.25 billion in debt commitments to finance the acquisition.

Hologic's portfolio spans molecular diagnostics (Panther platform), breast health imaging (3D mammography), GYN surgical products, and skeletal health. The take-private signals PE conviction that Hologic's diagnostics and women's health franchises are undervalued as a public company and can be optimized under private ownership — a pattern accelerating across medtech.

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