The private equity firm is discussing a deal valued at nearly $20 billion for DePuy Synthes.
Apollo Global Management is in talks to acquire Johnson & Johnson's orthopedics division, DePuy Synthes. Financial media reported on 11 September 2026 that the private equity firm is discussing a transaction that could value the business at nearly 20 billion dollars.
The potential acquisition targets a major supplier of medical devices. DePuy Synthes generated 9.3 billion dollars in annual net sales in fiscal year 2025, up from 9.2 billion dollars in fiscal year 2024.
Johnson & Johnson built the unit through major historic purchases. It acquired DePuy for 3.5 billion dollars in 1998, and later bought Synthes Inc. for 21 billion dollars in 2012.
Negotiations between Apollo Global and Johnson & Johnson remain preliminary and non-binding. Neither party has announced a final transaction or confirmed signed terms.
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