A unit of Abu Dhabi Investment Authority (ADIA) and an affiliate of Singapore’s GIC are taking significant minority stakes in women’s health company Hologic as part of a buyout by Blackstone and TPG, according to an announcement.
Blackstone and TPG agreed to acquire all outstanding shares of Hologic for $76 each in cash plus a non-tradable contingent value right (CVR) of up to $3 per share, valuing the deal at as much as $79 per share and an enterprise value up to $18.3 billion.
The CVR would be issued at closing and payable through two potential payments of up to $1.50 each if global revenue targets are met for Hologic’s Breast Health business in fiscal 2026 and 2027, per the announcement.
The offer represents a 46% premium to the company’s May 23, 2025, closing price, the last full trading day before media reports of a possible transaction.
“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,” said Stephen P. MacMillan, Hologic’s chairman, president, and CEO.
Per the announcement, the company will keep its Marlborough, Massachusetts headquarters and continue operating under the Hologic name. Its shares will be delisted from Nasdaq upon completion.
Closing is expected in the first half of 2026, subject to shareholder and regulatory approvals and customary conditions.
The merger pact includes a 45-day “go-shop” period allowing Hologic and its advisers to solicit proposals. The board may terminate the agreement to accept a superior offer, subject to the merger terms.
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 US and European private equity platform.
“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,” Ram Jagannath, senior managing director at Blackstone, said.
