Apollo Eyes $20 Billion J&J Orthopedics Unit

Apollo Global Management is reportedly in talks to acquire Johnson & Johnson’s DePuy Synthes orthopedics unit for nearly $20 billion, though the discussions are private and may not result in a deal. J&J could instead pursue a tax-free spinoff or create a publicly traded company, consistent with its plan to separate the business within 18 to 24 months and focus on faster-growing healthcare segments. DePuy Synthes generated about $9.3 billion in 2025 revenue from hip, knee and other surgical products, but its growth has lagged J&J’s cardiovascular and other medical-device businesses. The unit also carries legal liabilities from thousands of lawsuits involving hip-replacement devices, a factor likely to affect its valuation. The potential transaction reflects sustained private-equity interest in healthcare assets and would value the business at roughly twice its annual sales, below what J&J paid for Synthes in 2011-12 before adjusting for inflation.