Key Takeaways
- • Blackstone and TPG are seeking more than $4 billion for Hologic's Surgical unit, representing a significant portfolio optimization move following their April 2026 acquisition of the medical device company.
- • The Hologic Surgical business manufactures gynecological surgical equipment including the MyoSure hysteroscopic tissue removal system, NovaSure endometrial ablation system, and multiple radiofrequency ablation platforms.
- • The sale proceeds are earmarked to pay down acquisition debt and return capital to investors, including minority stakes held by Abu Dhabi Investment Authority and GIC affiliates.
- • Private equity firms are navigating tightening conditions in private credit markets, driving accelerated exit strategies and investor capital return timelines across the sector.
- • The Blackstone-TPG Hologic acquisition in April was labeled the largest private equity take-out in medical devices for 2026, with former Baxter executive José E. MacMillan assuming the CEO role following the departure of Steve MacMillan.
Summary
Blackstone and TPG have launched a sale process for Hologic's Surgical unit with a price target exceeding $4 billion, according to Financial Times reporting citing people familiar with the matter. The two private equity firms closed their acquisition of Marlborough, Massachusetts-based Hologic in April 2026—a transaction characterized by analysts as the largest medical device leveraged buyout of the year. The current divestiture represents a strategic effort to reduce debt incurred in the original acquisition while accelerating capital returns to fund investors.
The Hologic Surgical business manufactures specialized gynecological and women's health surgical equipment. The product portfolio includes the MyoSure hysteroscopic tissue removal system, NovaSure endometrial ablation system, Fluent fluid management system, Sonata transcervical radiofrequency ablation system, Acessa ProVu laparoscopic radiofrequency ablation system, CoolSeal vessel sealing portfolio, and JustRight surgical stapler. Blackstone and TPG are working with financial advisers to conduct the sale.
The Hologic acquisition included significant minority investments from a wholly owned subsidiary of Abu Dhabi Investment Authority and an affiliate of GIC, both of which will benefit from proceeds generated by the surgical unit divestiture. According to Reuters, private equity firms across the sector are responding to strains in private credit markets by accelerating portfolio monetization and investor distributions. This dynamic reflects broader market conditions pressuring limited partners to receive capital returns more quickly than originally anticipated.
Leadership transitions have accompanied the financial restructuring. Steve MacMillan retired as CEO upon completion of the Hologic acquisition, with José E. MacMillan, former head of Baxter, appointed to lead the company through its new ownership structure and ongoing portfolio optimization.
The Hologic Surgical business manufactures specialized gynecological and women's health surgical equipment. The product portfolio includes the MyoSure hysteroscopic tissue removal system, NovaSure endometrial ablation system, Fluent fluid management system, Sonata transcervical radiofrequency ablation system, Acessa ProVu laparoscopic radiofrequency ablation system, CoolSeal vessel sealing portfolio, and JustRight surgical stapler. Blackstone and TPG are working with financial advisers to conduct the sale.
The Hologic acquisition included significant minority investments from a wholly owned subsidiary of Abu Dhabi Investment Authority and an affiliate of GIC, both of which will benefit from proceeds generated by the surgical unit divestiture. According to Reuters, private equity firms across the sector are responding to strains in private credit markets by accelerating portfolio monetization and investor distributions. This dynamic reflects broader market conditions pressuring limited partners to receive capital returns more quickly than originally anticipated.
Leadership transitions have accompanied the financial restructuring. Steve MacMillan retired as CEO upon completion of the Hologic acquisition, with José E. MacMillan, former head of Baxter, appointed to lead the company through its new ownership structure and ongoing portfolio optimization.
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