Blackstone, TPG take Hologic (NASDAQ: HOLX) private in $17.3B deal
Rhea-AI Filing Summary
Hologic, Inc. has completed its acquisition by funds managed by Blackstone and TPG, becoming a wholly owned subsidiary of Hopper Parent Inc. in a cash deal valuing the company at approximately $17.3 billion.
At closing, each share of Hologic common stock was converted into the right to receive $76.00 in cash plus one contingent value right (CVR) that may pay up to an additional $3.00 per share based on future Breast Health revenue milestones. The company is redeeming all $400 million of its 4.625% 2028 notes and all $950 million of its 3.250% 2029 notes at par plus accrued interest, terminating related credit facilities, and delisting its common stock from Nasdaq. Longtime CEO Stephen MacMillan resigned and José (Joe) E. Almeida was appointed Chief Executive Officer, as Hologic transitions to private ownership under Blackstone and TPG.
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Insights
Hologic is taken private in a $17.3 billion leveraged buyout with CVR upside.
The transaction transfers control of Hologic to funds managed by Blackstone and TPG, with total cash consideration of about $17.3 billion. Shareholders receive $76.00 per share in cash plus one CVR that could pay up to an additional $3.00 per share tied to Breast Health revenue targets.
The company is redeeming $400 million of 4.625% notes due 2028 and $950 million of 3.250% notes due 2029 at 100.000% of principal, and terminating a long-standing credit agreement. These steps simplify the legacy capital structure as Hologic moves off public markets and its shares are delisted from Nasdaq.
Leadership is also resetting: Stephen P. MacMillan and the prior board resigned, and José (Joe) E. Almeida, an experienced medtech executive, became CEO at the Effective Time. Future value for former shareholders now depends on CVR payouts, which require achieving specified global revenue goals for the Breast Health business in fiscal 2026 and 2027, as described in the CVR Agreement.
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Key Terms
Contingent Value Rights Agreement financial
contingent value right financial
Form 25 regulatory
Form 15 regulatory
Emerging growth company regulatory
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