Hologic to be Acquired by Blackstone / TPG (~14.1x EBITDA)
- Will Hamilton
- Oct 23, 2025
- 2 min read
Updated: Feb 10
On October 21, 2025, Hologic, Inc., a leading global medical technology company focused on women’s health diagnostics, imaging and surgical products, agreed to be acquired by funds managed by private equity firms Blackstone and TPG in a take‑private transaction valued at up to $18.3 billion in enterprise value. Under the definitive merger agreement, Hologic stockholders will receive $76 per share in cash plus a non‑tradable contingent value right (CVR) of up to $3 per share, contingent upon achieving specified revenue milestones in the company’s Breast Health segment, implying total consideration of up to $79 per share and a premium of approximately 46% to Hologic’s share price prior to public reports of the deal.
The acquisition underscores the strong strategic interest by private capital in healthcare manufacturers with stable recurring revenue and defensible market positions, particularly in women’s health technologies and diagnostics where Hologic has built significant competitive strength. For Blackstone and TPG, the deal represents one of the largest medtech take‑private transactions in recent years and reflects broader private equity confidence in the long‑term growth potential of in vitro diagnostics, imaging systems, and consumables that support early detection and treatment of disease.
Medical Devices EBITDA Multiples
According to financial results included Hologic’s earnings releases (here and here), last twelve month revenue and adjusted EBITDA were $4.04 billion and $1.3 billion, respectively, implying multiples of 4.5x revenue and 14.1x EBITDA.
Medical Devices M&A Deal Volume
The number of announced medical devices and supplies deals increased in 2025 after several years of a mostly declining trend. Volume averaged 55 quarter up from 48 per quarter in 2024, but still down from 64 per quarter in 2023, 57 in 2022 and 70 in 2021. Looking at the individual segments, the relatively small CDMO / OEM / components sub-segment rebounded strongly after a significant decline in 2024 disrupted a strong growth trend.
Other Medical Devices Deals
Read Scope Research's take on other medical device transactions:
About Scope Research
The Scope Research Healthcare M&A Valuation Database currently has financial details related to 321 medical devices, equipment and supplies deals, segmented by type, including 156 deals with disclosed EBITDA multiples. The data can be purchased individually, while our affordable annual subscriptions provide access to all of our healthcare M&A databases and segments, updated continuously.
Don't hesitate to reach out to Will Hamilton at will@scoperesearch.co with questions about your specific situation.