TPG and Blackstone have made a joint offer to acquire US-listed Hologic in a deal valued at over $16bn, according to sources cited by the Financial Times. 

The nonbinding bid, which valued Hologic’s shares at $70 to $72 – significantly above the previous closing price of $54.28 – was rejected in recent weeks. However, talks could still resume.

If completed, the buyout would rank among the largest private equity transactions of the year. Hologic, a specialist in women’s health diagnostics including breast mammography machines, has seen its share price drop roughly 24% this year, pressured by tariffs and softening demand. The news of the offer sent Hologic’s stock up over 15%, closing at $62.67.

The bid highlights private equity’s continued appetite for large-cap deals despite market headwinds. It also comes amid a wave of take-private activity, including Sycamore Partners’ up to $24bn deal for Walgreens Boots Alliance, Thoma Bravo’s $10.6bn buyout of Boeing’s software unit, and 3G Capital’s $10.5bn acquisition of Skechers.

Hologic, long seen as a takeover target, has faced challenges including reduced breast health revenues and a weaker profit outlook due to tariffs affecting manufacturing hubs in China and Costa Rica. The company’s molecular diagnostics unit has delivered growth, but it has not fully offset headwinds elsewhere. Hologic CEO Steve MacMillan recently told investors the company was taking “a step in the right direction” amid macroeconomic pressures.

Both TPG and Blackstone have extensive experience in healthcare deals, having previously teamed up on a bid for Bausch + Lomb in 2023. Hologic declined to comment on the bid, while Blackstone and TPG also declined to provide statements.

Source: Financial Times

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