Executive Summary#

The Takeout Transaction#

Blackstone and TPG have agreed to acquire HOLX for approximately $79 per share in an all-cash transaction that values the women's health and diagnostics specialist at roughly $17 billion, marking the largest exit in the company's history and fundamentally reshaping its strategic trajectory from a disciplined public-market operator to a private equity platform. The definitive agreement, announced on October 21, 2025, represents a watershed moment for Chief Executive Officer Stephen MacMillan and long-term shareholders, validating the company's cash-generative business model while simultaneously removing public-market constraints that have historically governed capital allocation decisions. The transaction includes potential earnout consideration tied to achievement of undisclosed milestones, suggesting that Blackstone and TPG view additional upside potential in organic growth initiatives and strategic consolidation opportunities within the broader medtech ecosystem. This acquisition caps a distinctive era of independence for Hologic, during which management executed a disciplined portfolio of tuck-in acquisitions—from Endomagnetics to Volition partnerships—that positioned the company as a scaled platform in women's health imaging, diagnostics, and gynecological surgical solutions.