Apollo Global Management is in discussions to acquire Johnson & Johnson’s DePuy Synthes orthopaedics business in a deal that could value the unit at close to $20bn, according to Private Equity Wire, citing a Bloomberg report referencing unnamed people familiar with the matter.
Discussions and potential timing
Apollo is among several buyout groups that have expressed interest in DePuy Synthes, which J&J announced plans to separate last year, according to Private Equity Wire.
An agreement with Apollo could be reached within the next several weeks, although the discussions remain ongoing and could ultimately fall apart, according to the same report.
Representatives for Apollo and J&J reportedly declined to comment, according to Private Equity Wire.
J&J’s separation plan and alternatives
J&J said in October 2025 that it intended to separate its orthopaedics operations.
J&J could pursue an alternative transaction, including a sale to another bidder or a spin-off of DePuy Synthes as an independently listed company.
The company has been assessing a range of options for the business, with CFO Joseph Wolk saying in July that the group remained focused on finding a structure that would maximise shareholder value while positioning DePuy Synthes for long-term growth.
Wolk said the separation process was progressing as planned, with J&J targeting completion around the middle of 2027.
Business profile and financials
DePuy Synthes manufactures medical devices used in procedures including hip and knee replacements.
DePuy Synthes generated $9.3bn in revenue last year.
Widely-known context
Private equity firms commonly pursue carve-outs and separations from large corporates as acquisition opportunities.
In widely followed market practice, potential outcomes in a corporate separation process can include a sale to a financial sponsor or a public-market spin-off.
