Blackstone and TPG Complete \$7B+ Acquisition of Hologic, Appoint Joe Almeida as CEO

Key Points

• Blackstone and TPG have completed their acquisition of Hologic, Inc. (Nasdaq: HOLX), a global leader in women’s health technology, valuing the deal at up to \$79 per share (including a contingent value right), with total equity value in the multi-billion dollar range.
• Hologic becomes a private company, ending its tenure as a publicly traded entity on Nasdaq. Its shares have ceased trading and will be delisted.
• Shareholder payout: Each Hologic shareholder will receive \$76 per share in cash plus a non-tradable contingent value right (CVR) worth up to \$3 per share in two payments, contingent on meeting specific revenue targets in Hologic’s Breast Health business for fiscal years 2026 and 2027.
• Leadership Change: Renowned medtech executive José (Joe) E. Almeida has been named Chief Executive Officer, effective immediately, succeeding Stephen MacMillan, who retires after more than 12 years at the helm.
• Significant minority investments in the deal come from Abu Dhabi Investment Authority (ADIA) and GIC (Singapore’s sovereign wealth fund).

Details and Implications for Shareholders

The acquisition, originally announced on October 21, 2025, and approved by shareholders on January 5, 2026, marks a significant transition for Hologic. Investors will receive a total consideration of up to \$79 per share, structured as \$76 in cash and a non-tradable CVR worth up to \$3 per share (paid in two installments of up to \$1.50 each). The CVR’s payout is directly tied to Hologic’s Breast Health business achieving certain global revenue milestones in fiscal 2026 and 2027, which introduces an element of future performance risk for former shareholders.

The privatization of Hologic is a major price-sensitive event, as it removes the company from public markets and provides immediate liquidity to shareholders at a healthy premium. The delisting will end trading in HOLX shares, and the future value of the CVR will depend on the company’s private performance.

Former CEO Stephen MacMillan’s departure is notable given his 12-year tenure and the company’s historic growth under his leadership. The incoming CEO, Joe Almeida, brings a strong track record, having previously led Baxter International through operational improvements and portfolio innovation, and before that, orchestrating the sale of Covidien plc to Medtronic. This leadership transition could signal further strategic changes or operational shifts for the company under its new private ownership.

Strategic Investor Commentary

Blackstone and TPG, as principal investors, highlighted Hologic’s leading role in women’s health and their commitment to investing behind healthcare innovation. Both firms, along with minority investors ADIA and GIC, bring substantial financial resources and global reach to support Hologic’s next phase.

Blackstone’s Senior Managing Director, Ram Jagannath, emphasized partnering with Almeida and the Hologic team to drive growth and innovation. TPG’s Alex Albert reiterated their focus on healthcare innovation and expressed confidence in Almeida’s leadership.

Forward-Looking Statements and Risks

The company’s announcement included standard cautionary statements regarding forward-looking statements, particularly the risks associated with integrating new leadership, executing on growth strategies, and the ability to meet the CVR targets. There are also warnings about potential disruptions to customer, vendor, and employee relationships as a result of the transaction.

Investors who hold the CVR should note that the payout is not guaranteed and depends on the achievement of specific financial milestones in the company’s Breast Health business. Any underperformance in those areas could result in reduced or no additional payments.

About the Parties

• Hologic, Inc. is a global leader in women’s health technology, specializing in medical devices for detection, diagnosis, and treatment of major health conditions.
• Blackstone is the world’s largest alternative asset manager, with \$1.3 trillion in assets under management across a range of strategies.
• TPG is a leading global alternative asset management firm, with \$303 billion of assets under management, investing across private equity, impact, credit, real estate, and market solutions.

Conclusion

This deal is highly significant and price-sensitive for Hologic investors. The immediate cash payout and potential future CVR payments, along with the company’s transition to private ownership and installation of new leadership, are all material events. Investors should be aware of the associated risks, particularly regarding the CVR, and the end of public market liquidity for their shares.

Disclaimer: The information in this article is based on company filings and public announcements as of the date of publication. This is not investment advice. Investors should conduct their own due diligence and consult with a financial advisor before making any investment decisions. The future performance of Hologic, including CVR payouts, is subject to various risks and uncertainties.

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