Apollo in talks to acquire J&J’s DePuy Synthes for around $20bn
TOP STORY: Apollo Global Management is in discussions to acquire Johnson & Johnson’s DePuy Synthes orthopaedics business in a deal that could value the unit at close to $20bn, according to a report by Bloomberg citing unnamed people familiar with the matter.
Apollo Global Management is reportedly engaged in talks to acquire Johnson & Johnson's orthopaedics business, DePuy Synthes, for nearly $20 billion, according to Bloomberg citing unnamed sources. The private equity firm is among several potential buyers for the unit, which J&J announced its intention to separate last year. Talks with Apollo could be finalized within weeks, though the discussions are still ongoing and may not result in a deal.
J&J may also consider alternative options, such as selling the business to a different bidder or spinning it off as an independent company. No comment has been made by representatives from either Apollo or J&J. In October 2025, J&J announced its plans to separate its orthopaedics operations, which CFO Joseph Wolk stated in July would focus on maximizing shareholder value and positioning DePuy Synthes for long-term growth.
The division generates $9.3 billion in annual revenue, producing medical devices for orthopaedic procedures such as hip and knee replacements.
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