Key Takeaways
- On April 7, 2026, Blackstone and TPG finalized their acquisition of Hologic, valuing shares at up to $79 each.
- Shareholders obtained $76 cash per share alongside a contingent payment mechanism worth as much as $3 per share, dependent on Breast Health division performance.
- ADIA and GIC participated as minority stakeholders in the transaction.
- Stephen MacMillan stepped down following over 12 years leading the company; Joe Almeida assumed the CEO position.
- Trading of HOLX shares terminated, with delisting from Nasdaq completed.
On April 7, 2026, Hologic concluded its time as a publicly traded entity, finalizing its acquisition by investment funds operated by Blackstone and TPG. The transaction values each share at a maximum of $79.
Initially revealed on October 21, 2025, the deal secured shareholder backing on February 5, 2026. Additional minority capital came from an Abu Dhabi Investment Authority subsidiary and a GIC-affiliated entity.
Shareholders collected $76 cash per share upfront. Additionally, they received a non-transferable contingent payment instrument potentially worth $3 per share — distributed across two payments of up to $1.50 each — contingent upon Hologic achieving specific worldwide revenue benchmarks within its Breast Health segment during fiscal 2026 and 2027.
The contingent payment mechanism indicates that realizing the complete $79 valuation requires meeting those performance targets. This aspect merits attention for observers evaluating the transaction’s ultimate worth.
Prior to deal completion, Hologic posted trailing twelve-month revenue of $4.13 billion, maintained a gross margin of 60%, and showed a current ratio exceeding 4. The company’s valuation stood at $16.97 billion.
Its latest quarterly performance fell short of projections. Revenue totaling $1.05 billion underperformed the $1.07 billion estimate, while adjusted earnings per share of $1.04 trailed the anticipated $1.09.
Executive Transition
Stephen MacMillan, who led the organization for over twelve years, retired at transaction close. Joe Almeida immediately assumed the Chief Executive Officer role and was designated as the sole board member.
Almeida brings extensive medical technology experience. He previously chaired and led Baxter International as President and CEO from 2016 through early 2025, and held equivalent responsibilities at Covidien before Medtronic’s 2015 acquisition.
This leadership appointment demonstrates the new ownership’s strategic intent — Blackstone, overseeing $1.3 trillion in assets, alongside TPG, managing $303 billion — to drive expansion under private ownership.
The transaction also restructured Hologic’s equity framework. Stock options and equity compensation received settlements combining cash and contingent-based payments, while out-of-the-money options were terminated without compensation.
Nasdaq Exit
HOLX shares officially stopped trading. Delisting from Nasdaq transforms the company into a fully owned entity under the Blackstone-TPG partnership.
Shares concluded trading at $76.01 on the final session — virtually matching the 52-week peak of $76.07, demonstrating market confidence in deal completion.
Six analysts adjusted earnings projections downward for future quarters before the transaction closed. The final analyst assessment for HOLX recommended a Buy rating with an $83 target price.
InvestingPro awarded Hologic a “GREAT” financial health rating before the acquisition finalized.
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