Apollo reportedly in talks to buy J&J’s DePuy Synthes for nearly $20 billion

Bloomberg reported Sept. 11 that Apollo Global Management is in talks to buy Johnson & Johnson’s DePuy Synthes orthopedics unit for close to $20 billion. The business generated $9.3 billion in 2025 revenue; J&J had announced plans to separate it within 18 to 24 months.

Bloomberg said an agreement could be reached within weeks. J&J is also weighing a tax-efficient public-market spin-off of the unit.