Key Highlights
- Private equity firms Blackstone and TPG finalized Hologic’s acquisition on April 7, 2026, valuing shares at up to $79 each.
- Investors received $76 cash per share, with an additional contingent value right worth up to $3 based on Breast Health division performance.
- Abu Dhabi Investment Authority subsidiary and GIC affiliate participated as minority investors.
- CEO Stephen MacMillan stepped down after over 12 years; Joe Almeida assumed the chief executive role.
- The company’s common shares stopped trading and exited the Nasdaq exchange.
The women’s health diagnostics and medical imaging company Hologic exited public trading on April 7, 2026, after Blackstone and TPG completed their acquisition at a total valuation of up to $79 per share.
Initially revealed on October 21, 2025, the transaction secured stockholder backing on February 5, 2026. Additional funding came from a subsidiary of Abu Dhabi Investment Authority and a GIC-affiliated entity.
Investors collected $76 cash per share upfront. Additionally, they received a non-transferable contingent value right potentially worth $3 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 segment during fiscal 2026 and 2027.
The CVR mechanism means stockholders only realize the complete $79 valuation if the company meets these performance targets. This arrangement creates an interesting variable for those monitoring the transaction’s ultimate payout.
Before the deal closed, Hologic generated $4.13 billion in trailing twelve-month revenue, maintained a 60% gross margin, and showed a current ratio exceeding 4. The company carried a market capitalization of $16.97 billion.
Its latest quarterly performance disappointed Wall Street. The $1.05 billion in revenue trailed the $1.07 billion analyst consensus, while adjusted earnings per share of $1.04 missed the anticipated $1.09.
Executive Transition
Veteran CEO Stephen MacMillan departed at the transaction’s completion, concluding more than twelve years leading the organization. Joe Almeida took over as Chief Executive Officer effective immediately and was simultaneously appointed as the company’s sole board member.
Almeida brings substantial medical technology experience. He previously chaired and led Baxter International as President and CEO from 2016 through early 2025, and held identical positions at Covidien before Medtronic’s 2015 acquisition.
The management restructuring demonstrates a decisive strategic shift by the new proprietors — Blackstone, overseeing $1.3 trillion in assets, and TPG, managing $303 billion — aimed at expansion under private ownership.
Hologic’s equity framework underwent significant restructuring as part of the transaction. Employee stock options and equity compensation received treatment through a combination of cash settlements and CVR-linked distributions, while deeply out-of-the-money options were terminated without compensation.
Nasdaq Exit Complete
HOLX shares have permanently stopped trading. The organization will be removed from the Nasdaq listing, transforming into a fully owned entity within the Blackstone-TPG partnership.
Shares concluded their final trading session at $76.01 — virtually matching the 52-week peak of $76.07, demonstrating how precisely the market anticipated the deal’s finalization.
Six Wall Street analysts had lowered their earnings projections for future reporting periods before the closing. The final analyst recommendation on HOLX stood at Buy with an $83 target price.
InvestingPro had awarded Hologic a “GREAT” financial health rating before the transaction’s completion.
