TPG and Blackstone are said to be teaming up to bid for Bausch & Lomb, sending the latter's shares up over 10% before the market opened.
1min read Private equity firms TPG (TPG.US) and Blackstone (BX.US) are in a joint bid for Bausch & Lomb (BLCO.US), according to sources. As of writing, the stock rose 11.86% before the market opened to $21.78.
The acquisition offer for Bausch & Lomb is expected to be between $13 billion and $14 billion, or $25 per share. The formal acquisition offer is expected to be announced by the end of this month.
Several other private equity firms that were considering making bids have dropped out. Earlier in September, sources said that private equity firms including Blackstone Group, Advent International, TPG Capital, CVC Capital and Hellman & Friedman were evaluating potential bids for Bausch & Lomb.
The eye care company is considering a sale to address concerns from lenders such as Apollo Global Management over its planned spinoff from its parent Bausch Health. Apollo raised concerns over the spinoff plan due to its impact on the parent's balance sheet.
