Blackstone and TPG Close $17 Billion Acquisition

Key Takeaways

• The privatization of Hologic closed on April 7, 2026, with Blackstone and TPG acquiring the company at a valuation of up to $79 per share.
• Shareholders obtained $76 in cash immediately, with an additional contingent payment possibility of up to $3 per share based on Breast Health division revenue performance.
• Abu Dhabi Investment Authority and GIC participated as minority investors in the transaction.
• CEO Stephen MacMillan stepped down after leading the company for over 12 years; Joe Almeida now serves as Chief Executive Officer.
• Trading of HOLX shares has terminated, with delisting from Nasdaq now complete.

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The women’s health technology firm Hologic concluded its transition to private ownership on April 7, 2026, as the acquisition by investment funds overseen by Blackstone and TPG reached completion at a price point of up to $79 per share.

Hologic, Inc., HOLX

Initially revealed to the public on October 21, 2025, the acquisition gained stockholder consent on February 5, 2026. The deal structure included participation from an Abu Dhabi Investment Authority subsidiary and a GIC-affiliated entity as minority stakeholders.

Investors obtained an immediate cash payment of $76 for each share held. Additionally, they received a non-transferable contingent value right potentially worth an extra $3 per share — distributed as two separate payments of up to $1.50 each — contingent upon Hologic achieving specific worldwide revenue benchmarks for its Breast Health segment during fiscal years 2026 and 2027.

The CVR arrangement indicates that realizing the complete $79 per share valuation depends entirely on meeting these performance objectives. This represents a significant element for observers evaluating the transaction’s ultimate worth.

Prior to the deal’s completion, Hologic posted $4.13 billion in trailing twelve-month revenue, maintained a gross profit margin of 60%, and showed a current ratio exceeding 4. The company’s market capitalization stood at $16.97 billion.

The most recent quarterly financial performance fell below market projections. Revenue totaling $1.05 billion came in under the $1.07 billion analyst consensus, while adjusted earnings per share of $1.04 missed the anticipated $1.09.

Executive Transition

Veteran CEO Stephen MacMillan concluded his tenure upon deal closure, marking the end of a 12-plus-year leadership period. Joe Almeida assumes the Chief Executive Officer position effective immediately and has been designated as the sole board director.

Almeida brings extensive medical technology industry experience. His background includes serving as Chairman, President and CEO of Baxter International from 2016 through early 2025, and holding identical leadership roles at Covidien before its 2015 acquisition by Medtronic.

This executive appointment demonstrates a strategic vision from the new ownership group — Blackstone, overseeing $1.3 trillion in assets, and TPG, managing $303 billion — focused on expansion under private equity stewardship.

Hologic’s equity structure underwent comprehensive restructuring in conjunction with the transaction. Employee stock options and equity compensation were resolved through a combination of cash settlements and CVR-linked distributions, while significantly out-of-the-money options were eliminated without compensation.

Nasdaq Departure

HOLX common shares have permanently stopped trading. The organization will exit Nasdaq listings, transitioning to complete ownership by the Blackstone-TPG partnership.

Shares concluded their final trading session at $76.01 — nearly matching the 52-week peak of $76.07, demonstrating how accurately the market anticipated the deal’s successful completion.

Six financial analysts had lowered earnings projections for future periods before the transaction closed. The final analyst recommendation for HOLX stood at Buy with an $83 price objective.

InvestingPro had designated Hologic with a “GREAT” financial health rating before the privatization concluded.

The post Hologic (HOLX) Goes Private: Blackstone and TPG Close $17 Billion Acquisition appeared first on Blockonomi.

Source: https://blockonomi.com/hologic-holx-goes-private-blackstone-and-tpg-close-17-billion-acquisition/