Blackstone, TPG Buying Hologic for $18.3B, Taking Diagnostics Firm Private

Medical diagnostics company Hologic has entered into a definitive agreement to be acquired by private equity firms Blackstone and TPG in a transaction valued at up to $18.3 billion (official press release). The deal represents one of the largest healthcare take-private transactions announced in 2025.

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Details

Under the terms of the agreement, Blackstone and TPG will acquire all outstanding shares of Hologic at $76 per share in cash.

• Shareholders will also receive a non-tradable contingent value right worth up to an additional $3 per share, based on revenue performance targets for Hologic’s breast health division in fiscal years 2026 and 2027.
• Including the contingent consideration, the total potential value of the deal reaches $79 per share.

The transaction is expected to close in the first half of 2026, subject to customary closing conditions and regulatory approvals.

Company Background

Hologic is a Massachusetts-based medical technology company focused on women’s health diagnostics, including breast and cervical cancer screening technologies.

• The company has faced declining demand following the COVID-19 pandemic and has seen increased competition in its core segments.
• This acquisition follows a period of intermittent discussions between Hologic and the private equity firms, with an earlier offer reportedly rejected in May.
• Hologic has more than 7,000 employees globally, with hundreds working in Canada through its Mississauga office.

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Who’s on the Hook for Severance Post-Acquisition?

In Canada, the “seller” of the business is responsible for providing proper compensation to staff who lose their job.

📺 WATCH: Rights Non-Unionized Workers Have When a Business is Sold

If you receive a new employment contract following the acquisition, and you have a good reason for why you don’t want to accept it (i.e. different hours or pay), contact an experienced employment lawyer at Samfiru Tumarkin LLP. We’ll help you secure the severance pay you’re entitled to.

Even without a good reason you can still get severance, but it’s very likely that you will only receive your minimum entitlements.

LEARN MORE
• Sale of Business in Ontario: Rights to Severance
• Rights to Severance in Alberta When Your Employer Sells the Business
• Employer Sold the Business in BC? Know Your Rights to Severance

Can Major Job Changes be Made Post-Acquisition?

In Canada, non-unionized employees don’t have to accept substantial changes to their job following an acquisition.

Major modifications, such as a demotion, longer shifts, or reduced pay, are illegal.

When significant adjustments are made to the terms of your employment without your consent, there’s a very good chance that you can treat it as a constructive dismissal.

In this situation, the law allows you to quit your job and pursue full severance pay.

If you believe you’ve been constructively dismissed, don’t resign before contacting our firm.

ADDITIONAL RESOURCES
• Can My Employer Make Changes to My Job in Ontario?
• Job Changes in Alberta: What Employees Need to Know
• Changes to Your Employment in BC: Your Rights

New Employment Contract?

If you receive a new employment contract post-acquisition, take the time to carefully review it before signing it.

In many cases, these agreements take away key protections that would otherwise be available to non-unionized employees, including:

• Eliminating past service: The new contract might attempt to reduce or eliminate your years of service with your previous employer. Don’t sacrifice your seniority. Length of service is a key factor when determining how much severance pay you are entitled to.
• Reducing severance pay: Some employers try to use a termination clause to reduce your severance entitlements to the bare minimum. Instead of months of pay, you might only receive a few weeks’ pay if you are fired without cause or let go.
• Ability to make changes: The new agreement might attempt to add a clause that gives them the right to change aspects of your job (i.e. hours or pay) without your permission or lay you off without penalty.

Employers in Canada can’t legally force non-unionized workers to sign a new employment contract immediately or a few days after receiving it.

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Workplace Issue? Get Help Now

Contact Samfiru Tumarkin LLP: 1-855-821-5900 or request a consultation online.

Our employment lawyers in Ontario, Alberta, and British Columbia (BC) have helped tens of thousands of non-unionized individuals successfully resolve various workplace issues.

• 👥 Over 50,000 clients helped across Canada
• 💰 Secured millions in severance and settlements
• ⚖️ No win, no fee — you don’t pay unless we win (Conditions apply. Not all cases qualify.)
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• 🏆 Recognized as one of Canada’s Best Law Firms by The Globe and Mail

Disclaimer: The materials above are provided as general information about the rights of non-unionized employees in Canada. It is not specific to any one company and SHOULD NOT be read as suggesting any improper conduct on the part of any specific employer, or a relationship between Samfiru Tumarkin LLP and a specific employer.