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Apollo in talks to buy J&J's DePuy Synthes at close to $20 billion

9/13/2026

Close to $20 billion is what alternative asset manager Apollo Global Management is discussing for Johnson & Johnson's orthopedics unit, DePuy Synthes, according to people familiar with the talks who asked not to be identified.

At DePuy Synthes's reported $9.3 billion in 2025 sales, that figure implies a revenue multiple near 2.1x.

Bloomberg Intelligence analyst Matt Henriksson has estimated the business could be valued at $28 billion including debt, placing the current bid roughly $8 billion below his estimate.

| Metric | Value | Label | |---|---|---| | DePuy Synthes 2025 revenue | $9.3B | Reported | | Apollo bid | $20B | Reported; per people familiar | | Revenue multiple on bid | 2.1x | Math reconciles | | BI valuation est.