Apollo explores $20 billion acquisition of J&J orthopedics business

13 September 2026 · Source balance: Centre

Apollo Global Management is in early talks to acquire Johnson & Johnson's orthopedics unit DePuy Synthes for approximately twenty billion dollars. The business manufactures hip, knee, and shoulder implants and generates nine point three billion dollars in annual sales. J&J announced last October plans to separate the orthopedics unit to focus on faster-growing healthcare segments. The deal could be finalized within weeks, though talks remain preliminary and could end without agreement. J&J could alternatively spin off the unit as a public company. Multiple private equity firms have expressed interest in acquiring the business. If successful, this would represent Apollo's largest healthcare investment to date.