Apollo in talks to acquire J&J’s DePuy Synthes for around $20bn

Johnson’s DePuy Synthes Orthopaedics

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 a report by Bloomberg citing unnamed people familiar with the matter.

The private equity firm is among several buyout groups that have expressed interest in the business, which J&J announced plans to separate last year. 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 sources.

DePuy Synthes

J&J could also pursue an alternative transaction, including a sale to another bidder or a spin-off of DePuy Synthes as an independently listed company.

Representatives for Apollo and J&J reportedly declined to comment.

CFO Joseph Wolk

J&J said in October 2025 that it intended to separate its orthopaedics operations. 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.

Generated $9.3bn

DePuy Synthes manufactures medical devices used in procedures including hip and knee replacements and generated $9.3bn in revenue last year.