On Oct. 21, 2025, private equity firms Blackstone and TPG said they will buy medical diagnostics firm Hologic for $18.3 billion including debt, in the largest medical devices deal in almost two decades.

The buyout shows how the split in market valuations in the United States – companies in AI are highly valued, while sectors like healthcare, industrials and consumer products are undervalued – is creating opportunities for private equity firms to buy large publicly traded companies outright.

It also illustrates how easier access to financing is helping private equity firms do bigger deals. If approved by regulators, Hologic – which specializes in women’s health diagnostics, including breast and cervical cancer screening – will be delisted from the Nasdaq stock market.

Blackstone and TPG agreed to pay $76 per share in cash for all outstanding Hologic shares, implying a premium of nearly 6% to the stock’s last closing price.

Hologic shares were up about 3% in midday trading. They have gained about 13% since Blackstone and TPG were said last month to have revived interest in the company after intermittent talks between the parties over the past year.