Hologic acquired by Blackstone and TPG in $18.3bn deal

BY Fraser Tennant

In a deal that takes the medical diagnostics company private, Hologic is to be acquired by funds managed by private equity firms Blackstone and TPG for $18.3bn.

Under the terms of the definitive agreement, Blackstone and TPG will acquire all outstanding Hologic shares for $76 per share in cash plus a non-tradeable contingent value right to receive up to $3 per share in two payments of up to $1.50 each, for total consideration of up to $79 per share in cash.

The merger agreement includes a 45-day ‘go-shop’ period, during which time Hologic and its advisers may solicit, consider and negotiate alternative acquisition proposals from third parties.

The deal to acquire Hologic is the largest acquisition of a medical device company since Boston Scientific bought Guidant Corp for $27bn in 2006.

“Hologic is an outstanding global leader in advancing women’s health, with a longstanding reputation for groundbreaking and high-quality medical device and diagnostic products,” said Ram Jagannath, a senior managing director at Blackstone. “We are thrilled to partner with its highly talented and capable employees, alongside TPG, to further invest in Hologic’s continued product innovation and growth.”

The Hologic board of directors has unanimously approved the merger agreement and has recommended that Hologic stockholders vote their shares to approve the transaction and adopt the merger agreement.

“Blackstone and TPG will help accelerate our growth and enhance our ability to deliver critical medical technologies to customers and their patients around the world,” said Stephen P. MacMillan, chairman, president and chief executive of Hologic. “This transaction delivers immediate and compelling value to Hologic stockholders, reflecting the dedication of our employees whose hard work has made this milestone possible.”

The transaction is expected to close in the first half of 2026, subject to the approval of Hologic’s stockholders, the receipt of required regulatory approvals and the satisfaction of certain other customary closing conditions.

Upon completion of the transaction, Hologic’s common stock will be delisted from the Nasdaq stock market.

“Hologic represents a compelling opportunity to support the development of next-generation solutions that will continue to promote strong clinical results and enhance patient care,” said John Schilling, co-managing partner of TPG Capital. “We are proud to partner with the Hologic team and Blackstone in this exciting new chapter.”

News: Blackstone, TPG to take medtech Hologic private for $18.3 billion

Kering to sell beauty unit for $4.7bn

BY Richard Summerfield

Luxury products brand Kering has agreed to sell its beauty division to L’Oréal in a deal worth $4.7bn. The sale comes as Luca de Meo, Kering’s new chief executive, attempts to tackle the company’s high debt load and refocus on core fashion business.

Under the terms of the deal between Kering and L’Oréal, which the companies have called a “long-term strategic partnership in luxury beauty and wellness”, L’Oréal will acquire the House of Creed and the beauty and fragrance licences of iconic Houses of Kering, and the companies will create an exclusive venture to explore business opportunities in the field of wellness and longevity. 

The agreement includes the rights to enter into a 50-year exclusive licence for the creation, development and distribution of fragrance and beauty products for Gucci, commencing after expiration of the current licence with Coty, and respecting Kering’s obligations as per the existing licence agreement.

Kering will also grant L’Oréal 50-year exclusive licences for the creation, development and distribution of fragrance and beauty products for Bottega Veneta and Balenciaga, starting upon closing of the announced transaction. L’Oréal will also pay royalties to Kering for the use of its licensed brands.

“This strategic alliance marks a decisive step for Kering,” said Mr de Meo. “Joining forces with the global leader in beauty, we will accelerate the development of fragrance and cosmetics for our major Houses, allowing them to achieve scale in this category and unlock their immense long-term potential, as did Yves Saint Laurent Beauté under L’Oréal’s stewardship. Together, we will also venture into new frontiers of wellness, combining the unrivalled expertise of L’Oréal with our unique luxury reach. This partnership allows us to focus on what defines us best: the creative power and desirability of our Houses.”

“I am delighted to forge this long-term strategic alliance with one of the world’s most prestigious, creative and visionary luxury groups,” said Nicolas Hieronimus, chief executive of L’Oréal Groupe. “This partnership will further solidify our position as the world’s #1 luxury beauty company and allow us to explore new avenues in wellness together. The addition of these extraordinary brands perfectly complements our existing portfolio and significantly expands our reach into new, dynamic segments of luxury beauty. Through Creed, we will establish ourselves as one of the leading players in the fast-growing niche fragrance market. Gucci, Bottega Veneta and Balenciaga are all exceptional couture brands with enormous potential for growth.”

Kering beauty will be L’Oreal’s largest acquisition to date, bigger than its purchase of Australian brand Aesop for $2.5bn in 2023.

The sale is a significant step toward reducing Kering’s net debt, which stood at €9.5bn at the end of June, on top of €6bn in long-term lease liabilities, which have sparked investor concern. Under Mr de Meo, Kering intends to make a number of large-scale changes, after moving to seal the deal with L’Oréal “as quickly as possible” and promising that “you’ll see others”.

News: Kering sells beauty unit to L'Oreal for $4.7 billion as de Meo trims debt

Rayonier and PotlatchDeltic to merge in all-stock deal

BY Richard Summerfield

US timber rivals Rayonier and PotlatchDeltic have agreed to an all-stock merger which will create a $7.1bn company specialising in land ownership and lumber manufacturing.

The transaction is expected to close in the late first quarter or early second quarter of 2026, subject to the satisfaction of customary closing conditions, including receipt of required regulatory approvals and the approval of shareholders of both companies.

Based on the closing stock prices of Rayonier and PotlatchDeltic on 10 October 2025, the last business day prior to the execution of the agreement, the combined company is expected to have a pro forma equity market capitalisation of $7.1bn and a total enterprise value of $8.2bn, including $1.1bn of net debt. Upon completion of the transaction, the combined company will become the second largest publicly traded timber and wood products company in North America.

Under the terms of the agreement, which has been unanimously approved by the boards of directors of both companies, PotlatchDeltic shareholders will receive 1.7339 common shares of Rayonier for each share of common stock of PotlatchDeltic. The exchange ratio represents an implied price of $44.11 per PotlatchDeltic share, and a premium of 8.25 percent to PotlatchDeltic’s closing stock price on 10 October 2025. Upon closing of the transaction, Rayonier shareholders will own approximately 54 percent of the combined company, and PotlatchDeltic shareholders approximately 46 percent.

“We are excited to announce this strategic merger of equals, combining two exceptional land resources companies to deliver enhanced value for our shareholders and other stakeholders,” said Mark McHugh, president and chief executive of Rayonier. “Rayonier and PotlatchDeltic share a commitment to sustainability and a legacy of excellence in delivering land resources to their highest and best use. We look forward to completing the transaction, and we are confident that the merger will generate meaningful value creation.”

“This merger is a watershed moment for both companies,” said Eric Cremers, president and chief executive of PotlatchDeltic. “Our complementary assets and shared vision will unlock opportunities to create significant strategic and financial benefits beyond what could be achieved by either company independently. We look forward to working together to ensure a seamless transition and to capitalize on exciting opportunities for optimization and growth.”

The executive leadership team of the combined company will comprise roughly equal representation of top talent from both Rayonier and PotlatchDeltic. Upon closing of the transaction, Mr McHugh will continue to serve as president and chief executive as well as a member of the board of directors of the combined company. In addition, Wayne Wasechek, currently chief financial officer (CFO) of PotlatchDeltic, will serve as CFO of the combined company, Rhett Rogers, currently senior vice president, portfolio management of Rayonier, will serve as executive vice president (EVP), land resources and Ashlee Cribb, currently vice president, wood products of PotlatchDeltic, will serve as EVP, wood products.

Mr Cremers will be the executive chair of the board of directors of the combined company for 24 months after closing. The board of directors of the combined company will be comprised of five existing directors from Rayonier (including Mr McHugh) and five existing directors from PotlatchDeltic (including Mr Cremers). Rayonier will designate the lead independent director for the combined company.

News: Rayonier, PotlatchDeltic to form timber products giant in $8.2 billion merger

UK organisations unprepared for major M&A, reveals new report

BY Fraser Tennant

M&A volumes in the UK were down by 19 percent in H1 2025, with 97 percent of UK organisations unprepared for major deals, according to a new survey report by the Diligent Institute.

In its ‘Ready for the deal: Transaction readiness in turbulent times’, Diligent highlights the vulnerabilities that leave organisations slow to capitalise on M&A strategic opportunities – a trend reflected on a global level that will run into the second half of the year.

The report found that while half of those surveyed still prioritise M&A or strategic partnership as part of their growth strategy, 97 percent cite major challenges in deal readiness. Limited resources and economic uncertainty are some of the biggest barriers to success, and lead to deal delays for half of respondents. Additionally, only 5 percent of respondents currently use artificial intelligence-powered evaluations or data collection to support M&A activity.

As a result of these challenges, 49 percent of respondents have delayed deals, 40 percent have enhanced due diligence and 46 percent have adjusted their financial modelling in response to economic uncertainty.

The report echoes the findings of a PwC study earlier this year which revealed that H1 2025 saw M&A volumes in the UK down by around 19 percent compared to H1 2024.

“Organisations that fail to address their glaring transaction readiness gaps risk falling behind in the deal-making landscape,” said Dottie Schindlinger, executive director of the Diligent Institute. “Our research points to a clear need for prioritisation at the board level, defining roles and processes, and enhancing data quality. The transaction readiness gap is real and yet entirely addressable.” 

The Diligent survey report – which includes responses from 200-plus global executives and governance professionals – was conducted in partnership with Wilson Sonsini, Oracle NetSuite, CFO Alliance and the CFO Leadership Council.

 “As we shift toward the final quarter of the year, we expect to see a small boost in M&A ahead of the autumn budget, as organisations try to get ahead of possible changes to tax,” concluded Scott Bridgen, general manager, risk & audit at Diligent. “It is critical that they should be looking to be on the front foot now by focusing on improvements to board visibility and technology.” 

Report: Ready for the deal: Transaction readiness in turbulent times

SoftBank agrees $5.4bn deal for ABB’s robotics division

BY Richard Summerfield

In a move designed to bolster its position in the artificial intelligence (AI) space, SoftBank Group has announced it is to acquire the robotics division of Swiss engineering firm ABB for $5.4bn.

The deal, which is subject to regulatory approvals and further customary closing conditions, is expected to close in mid to late 2026.

Upon closing of the deal, for ABB, the divestment will result in a non-operational pre-tax book gain of approximately $2.4bn with expected cash proceeds, net of transaction costs, of approximately $5.3bn. The expected separation costs related to the divestment are approximately $200m, about half of which was already included in the company’s 2025 guidance. ABB’s current best estimate of the transaction-related cash tax outflows in respect of the local business carve-out is in the range of $400-$500m.

As a result of the deal, ABB has abandoned its original decision to spin off and separately list its industrial automation business. The company’s robotics division has experienced struggling sales and falling profitability in recent years amid increasing competition. ABB’s robotics division, which employs 7000 people, generated sales of $2.3bn last year, around 7 percent of ABB’s total revenues.

“SoftBank’s offer has been carefully evaluated by the Board and Executive Committee and compared with our original intention for a spin-off,” said Peter Voser, chairman of ABB. “It reflects the long-term strengths of the division, and the divestment will create immediate value to ABB shareholders. ABB will use the proceeds from the transaction in line with its well-established capital allocation principles. Our ambitions for ABB are unchanged and we will continue to focus on our long-term strategy, building on our leading positions in electrification and automation.”

“SoftBank will be an excellent new home for the business and its employees,” said Morten Wierod, chief executive of ABB. “ABB and SoftBank share the same perspective that the world is entering a new era of AI-based robotics and believe that the division and SoftBank’s robotics offering can best shape this era together. ABB Robotics will benefit from the combination of its leading technology and deep industry expertise with SoftBank’s state-of-the-art capabilities in AI, robotics and next-generation computing. This will allow the business to strengthen and expand its position as a technology leader in its field.”

“SoftBank’s next frontier is Physical AI,” said Masayoshi Son, chairman and chef executive of SoftBank Group. “Together with ABB Robotics, we will unite world-class technology and talent under our shared vision to fuse Artificial Super Intelligence and robotics - driving a groundbreaking evolution that will propel humanity forward.”

News: SoftBank to buy ABB's robot business for $5.4 billion in push to merge AI and robotics