07:23 AM EDT, 10/14/2024 (MT Newswires) -- TPG (TPG) and Blackstone (BX) have teamed up on a joint bid for eye care firm Bausch + Lomb ( BLCO ) , The Financial Times reported on Monday, citing people familiar with the matter.

The report said that if successful, the deal could be one of the largest private equity buyouts of the year.

Several other private equity funds have withdrawn from the process.

The sources told the Financial Times that the offers are expected to value the company between $13 billion and $14 billion, or up to $25 per share.

Formal bids are anticipated by the end of the month, but a deal may still not materialize, the people added.

The report said Bausch + Lomb ( BLCO ) is being sold to resolve issues with its heavily indebted parent, Bausch Health. It added that Goldman Sachs is managing the sale process to resolve conflicts between shareholders and creditors due to concerns that a spin-off could leave Bausch Health insolvent with its $21 billion debt.

Blackstone, TPG, Bausch + Lomb ( BLCO ), and Goldman did not immediately respond to MT Newswires' request for comment.

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