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J&J orthopedics unit draws Apollo interest in potential $20 billion deal, Bloomberg News reports

Apollo Global Management is negotiating to purchase DePuy Synthes, the orthopedics business of Johnson & Johnson, in a deal potentially valued at nearly $20 billion. The unit produced $9.3 billion in revenue in 2025. While Apollo is the primary suitor, the business could alternatively be spun off as a public company. J&J shares rose 1.3% to $268.96 in premarket trading on Monday following the reports. Neither company has signed a binding agreement, but sources suggest a definitive deal could be reached within several weeks.

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  • ✓ The orthopedics business generated $9.3 billion in revenue in 2025.
  • ✓ Apollo Global Management is in discussions to acquire the orthopedics unit.
  • ✓ The potential transaction could value the business at nearly $20 billion.
🛡️ Source Corroboration: 8 independent reporting domains (90% confidence) ⏱ Read time: ~2 min

What changed

Recent reports identify the specific unit as DePuy Synthes and confirm it generated $9.3 billion in 2025 revenue.

Live updates

  1. Apollo Global Management in talks to acquire J&J orthopedics unit DePuy Synthes

    Apollo Global Management is negotiating to purchase DePuy Synthes, the orthopedics business of Johnson & Johnson, in a deal potentially valued at nearly $20 billion. The unit produced $9.3 billion in revenue in 2025. While Apollo is the primary suitor, the business could alternatively be spun off as a public company. J&J shares rose 1.3% to $268.96 in premarket trading on Monday following the reports. Neither company has signed a binding agreement, but sources suggest a definitive deal could be reached within several weeks.

    Why it matters

    DePuy Synthes specializes in hip and knee replacements. The division faces thousands of lawsuits related to its hip devices. This divestiture would remove a significant legal liability from Johnson & Johnson's balance sheet.

    What is confirmed

    • The orthopedics business generated $9.3 billion in revenue in 2025.
    • Apollo Global Management is in discussions to acquire the orthopedics unit.
    • The potential transaction could value the business at nearly $20 billion.

    Still unconfirmed

    • The orthopedics business has thousands of lawsuits tied to hip replacement devices.

    What to watch next

    • Announcement of a binding agreement between Apollo and Johnson & Johnson
    • Confirmation of a public spinoff instead of a private sale
    Sources used for this update (5)
    1. finance.yahoo.com — J&J in talks to sell DePuy Synthes to Apollo for $20 billion
    2. www.marketscreener.com — Johnson & Johnson Announces New Results From Phase 2b COPERNICUS Study Evaluating RYBREVANT FASPRO Plus LAZCLUZE With Prophylactic Strategies
    3. www.tradingpedia.com — Apollo Talks Boost J&J Shares on Ortho Sale Prospects
    4. finance.yahoo.com — Apollo and J&J Face a High-Stakes Orthopedics Deal
    5. www.marketscreener.com — Apollo Global Management provides $585 million financing to office provider TEC
    confidence 90%

  2. Apollo in Talks to Acquire J&J Orthopedics Unit for $20 Billion

    Johnson & Johnson is currently in negotiations to sell its hips-and-knees orthopedics business to Apollo Global Management in a potential $20 billion transaction. This development follows initial reports from Bloomberg News regarding the possible multi-billion-dollar deal. Stock for Johnson & Johnson edged up in after-hours trading following the reports of the ongoing acquisition talks. The transaction would transfer a major medical device division to the private equity firm, though neither company has formally finalized or announced a binding agreement.

    Why it matters

    Johnson & Johnson has been evaluating the structure of its vast healthcare portfolio to focus more heavily on higher-growth pharmaceutical and innovative medical technology sectors. Offloading the orthopedics unit would represent a major portfolio reshaping for the healthcare conglomerate. Private equity firms have increasingly targeted large corporate carve-outs as companies streamline operations and shed legacy units.

    What is confirmed

    • Apollo Global is in talks to acquire the orthopedics unit of Johnson & Johnson.
    • The potential transaction carries a value of $20 billion.
    • The prospective acquisition involves Johnson & Johnson's hips-and-knees business.
    • Johnson & Johnson stock edged up after-hours following reports of the talks.

    What to watch next

    • Official statements or announcements from Johnson & Johnson or Apollo Global confirming or denying the deal
    • Disclosures regarding financial terms or a finalized agreement
    Sources used for this update (5)
    1. Reuters — J&J orthopedics unit draws Apollo interest in potential $20 billion deal, Bloomberg News reports
    2. Bloomberg.com — Apollo Global Is Said in Talks to Acquire J&J’s Orthopedics Unit
    3. WSJ — J&J Is In Talks to Sell Its Hips-and-Knees Business to Apollo for $20 Billion
    4. Yahoo Finance — JNJ Stock Edges Up After-Hours On Apollo’s $20B Orthopedics Talks
    5. Seeking Alpha — Apollo in talks to acquire J&J’s orthopedics unit - Bloomberg (JNJ:NYSE)
    confidence 100%
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