Apollo Global Management is in talks to acquire Johnson & Johnson’s DePuy Synthes orthopedics unit in a deal that could value it at close to $20 billion, Reuters reported on Sept. 11, citing Bloomberg News.
An agreement could be reached within several weeks, according to the reports. Talks may fail, another suitor could emerge, and J&J may still choose to spin DePuy Synthes into a publicly traded company. Several private equity firms have shown interest in the unit, Bloomberg and Reuters said.
DePuy Synthes makes joint implants and surgical devices and generated about $9.3 billion in 2025 sales, Reuters reported. J&J had previously planned to separate the unit, with CFO Joe Wolk citing a tax-free spinoff as the primary focus while remaining open to other options.
Apollo and J&J did not immediately respond to Reuters requests for comment outside regular business hours. No agreement has been signed. The roughly $20 billion figure is a reported valuation, not a closed purchase price.
Sources: Reuters Bengaluru Sept 11 (Apollo in talks; close to $20B via Bloomberg; weeks; spin alternative; several PE firms; $9.3B 2025 sales; no comment); Bloomberg Sept 11-12 (Apollo talks; ~$20B; DePuy Synthes); WSJ Sept 12 (hips-and-knees talks around $20B; talks may not close); Seeking Alpha/Bloomberg Sept 11 (talks/weeks/spin corroboration).
