Boston, April 9, 2026, 08:25 EDT
- Blackstone and TPG wrapped up the Hologic acquisition on April 7. José Almeida stepped in as chief executive, replacing Steve MacMillan, who retired.
- Former Hologic shareholders will pocket $76 per share in cash, along with a contingent value right—potentially adding up to $3 more per share if Breast Health revenue hits certain targets.
- Trading in Hologic shares was halted ahead of April 7, and the stock is set to exit the S&P 500 before the bell on Thursday.
Hologic is no longer public. The company wrapped up its sale to Blackstone and TPG, with the women’s health and diagnostics firm now in private-equity hands—José Almeida, previously at Baxter, will take the helm. Equityholders are getting about $17.3 billion in cash, according to an April 7 filing.
This close means a familiar medtech player disappears from both Nasdaq and the S&P 500. S&P Dow Jones is set to drop Hologic from the index before trading starts Thursday. Reuters called the October deal one of the largest medical-device transactions in nearly 20 years.
Before the bell on April 7, Hologic instructed Nasdaq to halt trading in HOLX and requested that the exchange submit Form 25 to delist the stock. The company also intends to file Form 15, which would cut off its regular SEC reporting. According to the same filing, Hologic paid off its credit agreement and redeemed $400 million in 2028 notes along with $950 million in 2029 notes.
The deal gives previous shareholders $76 per share in cash, along with a non-tradable contingent value right, or CVR—potentially adding up to $3 more per share, but only if certain goals are met. The additional payout hinges on global Breast Health revenue during fiscal 2026 and 2027.
Almeida, who headed Baxter from 2016 through early 2025 and previously led Covidien up until Medtronic’s 2015 acquisition, called his move to Hologic a “pivotal moment.” According to the closing filing, every pre-deal director exited at the effective time; Almeida joined the board, and MacMillan exited all company roles. Hologic Investor Relations
MacMillan’s departure wraps up more than 12 years at Hologic, a period when the company reported a 65% jump in revenue, non-GAAP EPS up 184%, and shares gaining 241%. Lead independent director Amy Wendell called it a “debt of gratitude” owed to him. Hologic Investor Relations
Merger documents lay out the pitch for going private. Hologic’s board cited its healthy balance sheet, lagging medtech and life-sciences sector performance, and the threat that public investors’ appetite for quick results might undercut bigger bets on innovation or acquisitions.
Hologic’s scale remains intact. Revenue hit $1.05 billion for the first quarter of fiscal 2026—a 2.5% increase. Breast Health rose 1.8%. The company closed out the quarter sitting on $2.17 billion in cash and cash equivalents. Its diagnostics and imaging businesses square off with Roche Diagnostics, Abbott Laboratories, and GE HealthCare, as noted in the annual report.
The upside here isn’t straightforward. That extra $3 CVR depends on hitting Breast Health targets that still haven’t been reached. Hologic kicked off the year facing $15.3 million in quarterly tariff costs, and its fiscal 2025 filing showed a 9.1% drop in Breast Health product revenue—mammography-system sales lagged, and the sales cycle stretched out.
Ram Jagannath at Blackstone described Hologic as having a “proven track record” in women’s health. TPG’s Alex Albert noted the firm has “long admired” Hologic. The closing statement confirmed minority stakes from ADIA and GIC, joining the buyers. Hologic Investor Relations
