Apollo Global Management in Advanced Talks for a $20B Acquisition of J&J’s DePuy Synthes Ortho Unit
In what could be one of the most significant healthcare deals of 2026, Apollo Global Management is reportedly in advanced discussions to acquire Johnson & Johnson’s DePuy Synthes orthopedics division. Sources cited by Bloomberg suggest that the transaction could value the unit at nearly $20 billion.
DePuy Synthes, a manufacturer of hip, knee, and shoulder implants, as well as surgical instruments, generated an impressive $9.3 billion in sales in 2025. If fully separated from J&J, it would become the world’s largest standalone orthopedics company. Bloomberg Intelligence estimates that the unit could be worth as much as $28 billion, including debt, indicating that the deal’s value could still increase.
Last October, J&J announced plans to spin off DePuy Synthes as part of a broader portfolio reshaping strategy. The CEO-level commentary noted the company’s focus on higher-growth healthcare segments. A deal with Apollo could be finalized within weeks, although J&J also retains the option of a public spinoff. Several other private equity firms are reportedly interested in the asset, suggesting a competing bid is possible.
If the deal is completed near the $20 billion mark, it would represent Apollo’s largest healthcare investment to date, further establishing the firm’s presence in the medical devices sector.
Source: Reuters / Investing.com – September 11, 2026