TPG and Blackstone are marketing Hologic's surgical division for more than $4 billion, people familiar said, as the firms look to harvest gains from last year's $18.3 billion take-private. The unit makes gynecological surgical equipment and could attract both strategic and financial buyers, though talks remain early.

The sale would help the sponsors — joined by Mubadala and GIC — return capital to limited partners amid a sluggish exit environment. Blackstone alone has distributed nearly $50 billion over the past year through sales like Hotwire and IPOs of Medline and Legence. Private equity's share of overall deal volume slipped to 21% in the first half from 24.8% a year earlier.

The process reflects broader medtech consolidation pressure. Cooper Companies is reviewing its eye surgery unit and Integer Holdings is exploring options. Yet healthcare deal values globally surged 83% year-over-year to $271 billion, suggesting strategic appetite remains despite higher financing costs.

A $4 billion-plus exit would validate the Hologic thesis and signal that quality medtech assets still command premium multiples. But the gap between seller expectations and buyer willingness to lever up at current rates remains the key friction point.