TPG and Blackstone bid for Bausch + Lomb

TPG and Blackstone have partnered to bid for eye care company Bausch + Lomb Corporation, according to sources cited by the Financial Times.

If successful, the transaction could become one of the largest private equity buyouts of the year, with Bausch + Lomb’s enterprise value - including debt - totalling $11.5bn as of market close on October 11, 2024.

Several other private equity firms that evaluated the bids have since exited the process, leaving TPG and Blackstone as the frontrunners.

Bausch + Lomb was put up for sale following a planned separation from its heavily indebted parent company, Bausch Health, which retained an 88% stake.