Key Takeaways
- Private equity firms Blackstone and TPG successfully acquired Hologic on April 7, 2026, with a valuation reaching $79 per share.
- The deal structure provides shareholders with $76 cash upfront, alongside a contingent value right potentially worth an additional $3 per share based on Breast Health division performance.
- Abu Dhabi Investment Authority and GIC participated as minority investors in the transaction.
- CEO Stephen MacMillan stepped down after more than a dozen years in leadership; Joe Almeida assumed the chief executive role.
- Trading of HOLX shares has ended, with the company set for removal from the Nasdaq exchange.
The women’s health company Hologic exited public trading on April 7, 2026, as its acquisition by investment giants Blackstone and TPG reached completion with a per-share price of up to $79.
Originally unveiled on October 21, 2025, the buyout secured shareholder backing on February 5, 2026. The deal structure also included participation from an Abu Dhabi Investment Authority subsidiary and a GIC-affiliated entity as minority stakeholders.
Investors are receiving $76 in immediate cash compensation per share. Additionally, they’ve been granted a non-transferable contingent value right that could deliver up to $3 more per share — distributed as two separate payments of up to $1.50 each — contingent upon Hologic achieving specific worldwide revenue benchmarks for its Breast Health division during fiscal 2026 and 2027.
This CVR mechanism ensures that realizing the complete $79-per-share valuation hinges entirely on meeting those performance targets. It represents a crucial component for anyone evaluating the transaction’s ultimate worth.
Prior to the deal’s completion, Hologic posted trailing twelve-month revenues totaling $4.13 billion, maintained a 60% gross margin, and demonstrated a current ratio exceeding 4. The company commanded a market capitalization of $16.97 billion.
Its latest quarterly performance disappointed analysts. The $1.05 billion in revenue came up short against the $1.07 billion consensus estimate, while adjusted earnings per share of $1.04 underperformed the anticipated $1.09.
Executive Transition
Stephen MacMillan concluded his tenure as CEO upon the transaction’s close, wrapping up over 12 years leading the organization. Joe Almeida has been installed as the new Chief Executive Officer, effective from the closing date, and now serves as the company’s only board member.
Almeida brings extensive medical technology expertise. His background includes serving as Chairman, President and CEO of Baxter International between 2016 and early 2025, along with holding identical positions at Covidien before Medtronic’s 2015 acquisition.
This executive replacement demonstrates the new ownership’s strategic intent — Blackstone, overseeing $1.3 trillion in assets, and TPG, managing $303 billion — to pursue expansion under private equity stewardship.
The acquisition prompted a complete restructuring of Hologic’s equity framework. Employee stock options and equity compensation received settlement through combinations of cash and CVR-linked distributions, while out-of-the-money options were terminated without value.
Nasdaq Exit
Public trading of HOLX shares has concluded permanently. The organization will undergo delisting from Nasdaq, transitioning to full ownership by the Blackstone-TPG partnership.
Shares finished their final trading session at $76.01 — virtually matching the 52-week peak of $76.07, demonstrating how accurately the market anticipated the deal’s successful conclusion.
In the period leading up to closure, six Wall Street analysts reduced their earnings projections for future quarters. The final analyst recommendation for HOLX stood at Buy, accompanied by an $83 price objective.
Before the transaction finalized, InvestingPro had awarded Hologic a “GREAT” rating for its financial stability.
