Apollo Global Management is reportedly in talks to acquire Johnson & Johnson's DePuy Synthes orthopedics business in a transaction that could value the unit at close to $20 billion, according to Bloomberg, as reported by Reuters. J&J generated $9.3 billion of revenue from the orthopedics business in 2025, making the potential deal material for both companies, and discussions could reach an agreement within weeks, though J&J is also considering a public-market spin-off. The talks are consistent with J&J's October 2025 decision to separate DePuy Synthes within an expected 18-to-24-month timeframe and shift its MedTech portfolio toward higher-growth, higher-margin businesses. For Apollo, the roughly $20 billion valuation against $9.3 billion of 2025 revenue implies a price-to-sales multiple of about 2.2x, and the firm had approximately $1.05 trillion of assets under management as of June 30, 2026, including $198 billion in equity strategies and $849 billion in credit strategies. The principal risk for Apollo is paying a full valuation for a business J&J itself has been restructuring, with $307 million of restructuring expense in 2025 following $167 million in 2024 and $319 million in 2023, and Reuters reported that DePuy Synthes faces lawsuits related to its hip-replacement devices.
Johnson & JohnsonJ&J is in talks to sell its DePuy Synthes orthopedics unit for about $20B, advancing its planned separation and portfolio shift to higher-growth MedTech.
Apollo Global Management LLC Class AApollo is in talks to acquire J&J's DePuy Synthes for about $20B, a major M&A move but with full-valuation and restructuring/lawsuit risks.
