Wall Street banks are exploring the inclusion of private credit lenders in the $12.25bn debt package backing Blackstone and TPG’s $18.3bn acquisition of Hologic, in a move that underscores the growing integration between traditional and alternative lenders in large buyout financings, Bloomberg reports.

The financing structure, still under discussion, is expected to comprise a $2bn second-lien loan, part of which could be placed with private credit funds, and $9.5bn of first-lien loans in US dollars and euros. The first-lien tranche may be priced at roughly 2.75 percentage points above benchmark rates, according to people familiar with the matter.

Citigroup, Barclays, Bank of America, and RBC Capital Markets are leading the debt package, which is slated for launch in early 2026, depending on market conditions.

The potential involvement of private credit firms would follow a growing trend of banks partnering with direct lenders to fund large-scale leveraged buyouts. Such collaborations enable banks to offload riskier debt tranches while providing private credit funds with access to marquee transactions.

Blackstone and TPG agreed last month to acquire medical technology firm Hologic, a leading producer of diagnostic tests and devices focused on women’s health. The Abu Dhabi Investment Authority and Singapore’s GIC will also take minority stakes in the company.

The transaction is one of the largest healthcare buyouts of 2025, highlighting the continued ability of private equity sponsors to raise multi-billion-dollar financing packages by blending traditional syndicated loans with private credit capital.

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