Business & Markets
Apollo in talks for J&J orthopedics unit at about $20 billion, reports say
The discussions could still end without a deal as J&J weighs a sale against its previously announced separation plan.
Executive summary
- The talks: Apollo Global Management is in discussions to acquire Johnson & Johnson's DePuy Synthes orthopedics business at a valuation near $20 billion, Bloomberg News and The Wall Street Journal report.[1][2]
- No agreement yet: The talks could still end without a transaction, and another bidder could emerge; neither company has publicly confirmed an agreement.[1][3]
- The process: J&J announced plans last year to separate DePuy Synthes, while Reuters independently reported in February that the company was preparing a potential sale worth more than $20 billion.[4][5]
- The scale: DePuy Synthes makes hip, knee and shoulder implants and other surgical products and generated about $9.3 billion in 2025 sales.[3][4]
Apollo Global Management is in discussions to acquire Johnson & Johnson's DePuy Synthes orthopedics unit in a transaction that could value the business at close to $20 billion, according to separate reports from Bloomberg News and The Wall Street Journal.[1][2]
Bloomberg reported that several private-equity firms have shown interest and that an agreement could be reached within weeks. The discussions remain preliminary: the talks could end without a deal, or another bidder could emerge.[1]
Reuters said it could not independently verify the new Apollo report and that neither Apollo nor J&J immediately responded to requests for comment. That leaves the potential buyer, valuation and timetable as attributed reports rather than a company-confirmed transaction.[3]
J&J announced in October 2025 that it intended to separate the orthopedics business into a standalone company operating as DePuy Synthes. The company said the separation would let J&J concentrate investment on faster-growing areas of medicine and medical technology.[4]
A sale has been under consideration for months. Reuters reported in February, citing a source familiar with the matter, that J&J was preparing a potential sale that could top $20 billion and was viewing private-equity firms as the most likely buyers.[5]
DePuy Synthes makes hip, knee and shoulder implants, surgical instruments and related products. Reuters put the unit's 2025 sales at $9.3 billion; when announcing the separation, J&J said the business served about seven million patients a year and addressed a global orthopedics market worth more than $50 billion.[3][4]
A completed sale would replace the planned public-company separation with a private-equity exit, but the current reports do not establish final terms, financing or a signed agreement. Until one of the companies confirms a transaction, the strategic path for DePuy Synthes remains open.[1][2][4]