Hologic’s $18B Sale to Blackstone, TPG Underscores Private Equity’s Push Into Women’s Health -( $BX $HOLX $TPG )

By John F. Heerdink, Jr.

Blackstone (BX) and TPG (TPG) are taking women’s health leader Hologic Inc. (HOLX) private in one of the largest healthcare buyouts of 2025, valuing the Massachusetts-based company at up to $18.3 billion including debt. The all-cash deal, announced Tuesday, will pay Hologic shareholders $76 per share upfront, with an additional $3 per share possible if specific revenue milestones in its breast health division are achieved by 2027, bringing the total potential payout to $79 per share.

Hologic Stock Surges on Buyout News

The transaction represents a roughly 46% premium to Hologic’s closing price on May 23, 2025, the last full trading day before reports of acquisition talks surfaced. Following the announcement, Hologic stock jumped nearly 5% in premarket trading, hitting its highest level in nearly a month. The stock has gained about 0.31% year to date, outperforming broader healthcare equipment peers, which remain pressured by regulatory and cost challenges.

Strategic Backing and Limited “Go-Shop” Period

Hologic’s board unanimously approved the buyout, which will include minority investments from the Abu Dhabi Investment Authority and Singapore’s GIC. The company will enter a 45-day “go-shop” window during which it can solicit other acquisition proposals, though such counterbids are uncertain.

Private Equity Welcomes Expansion in Women’s Health

Stephen MacMillan, Hologic’s chairman, president, and CEO, said the transaction will accelerate innovation and expand the company’s global reach, citing Blackstone and TPG’s “financial strength and healthcare expertise.” Ram Jagannath of Blackstone called Hologic “a global leader advancing women’s health,” while TPG Capital co-CEO Jon Winkelried described the deal as “a rare opportunity to drive next-generation diagnostics and imaging”.

Stock Outlook and Earnings Impact

Hologic shares experienced uneven performance through much of 2025 amid softer diagnostic test sales but rallied strongly once takeover speculation gained momentum in October. Analysts expect upcoming fourth-quarter earnings, scheduled for November 3, to show a 9% increase in earnings per share and nearly 5% revenue growth—figures that could help define the final valuation of contingent value rights tied to the deal.

What Comes Next

The acquisition is expected to close in the first half of 2026, pending regulatory and shareholder approvals. Once finalized, Hologic will delist from the Nasdaq and continue operating under its current brand and leadership from its Marlborough, Massachusetts headquarters.