Bloomberg: Apollo in Talks for J&J Orthopaedics Unit at Near-$20 Billion Valuation

Key Facts

Bloomberg News reported, citing people familiar with the matter, that Apollo Global Management is in talks to acquire Johnson & Johnson's orthopaedics unit at a potential valuation close to $20 billion. Reuters relayed the report but said it could not independently verify it and that Apollo and J&J did not immediately respond to requests for comment.

The unit has attracted interest from several private-equity firms, according to the report, and an agreement could be reached within weeks. That does not amount to a binding transaction: no final price, financing structure or buyer exclusivity has been announced.

J&J officially announced on October 14, 2025 that it intended to separate the orthopaedics business, which would operate as DePuy Synthes, and said it was exploring multiple paths to complete the separation within 18 to 24 months. It also cautioned that the final structure, timing and completion were not assured.

DePuy Synthes makes hip, knee and shoulder implants, surgical instruments and other products. The orthopaedics business generated $9.3 billion in sales in 2025, Reuters reported, making it a sizeable asset within J&J's medical-device portfolio.

Comparing the reported near-$20 billion valuation with 2025 sales of $9.3 billion implies roughly 2.2 times annual revenue. That is only a preliminary comparison, not a final transaction multiple, because the reports did not disclose debt, cash, profitability or financing terms.

The next step depends on whether J&J chooses a sale rather than another separation route and whether the discussions advance to an exclusive, binding agreement. Until either company makes an announcement, the process remains a reported negotiation rather than an announced transaction.