Deal Details

Medline Announces $3.1 Billion Follow-On Offering

Healthcare

Medline follow-on offering

Summary

Medline Inc. (“Medline”) (NASDAQ: MDLN) recently announced the pricing of an underwritten public offering of 75,000,000 shares of its Class A common stock at a public offering price of $41.00 per share, generating gross proceeds of approximately $3.1 billion (the "Offering”). The Offering consisted entirely of shares sold by certain selling stockholders affiliated with Blackstone Inc. (“Blackstone”), The Carlyle Group Inc. (“Carlyle”), Hellman & Friedman LP (“H&F”) and a wholly owned subsidiary of the Abu Dhabi Investment Authority (“ADIA”) (the “Selling Stockholders”). The Selling Stockholders have granted the underwriters a 30-day option to purchase up to an additional 11,250,000 shares of Medline’s Class A common stock. Medline will not receive any proceeds from the Offering.

Baird served as a co-manager on the Offering.

About

Medline is the largest provider of medical-surgical products and supply chain solutions serving all points of care. Through its broad product portfolio, resilient supply chain and leading clinical solutions, Medline helps healthcare providers improve their clinical, financial and operational outcomes. Medline employs more than 45,000 people worldwide and operates in more than 100 countries. Medline is headquartered in Northfield, Illinois.

Blackstone is the world’s largest alternative asset manager. Blackstone seeks to deliver compelling returns for institutional and individual investors by strengthening the companies in which the firm invests. Blackstone’s over $1.2 trillion in assets under management include global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds. Blackstone is headquartered in New York, New York.

Carlyle is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Carlyle AlpInvest. With $474 billion of assets under management as of September 30, 2025, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which it lives and invests. Carlyle employs more than 2,400 people in 27 offices across four continents. Carlyle is headquartered in Washington, D.C.

H&F is a preeminent global private equity firm with a distinctive investment approach focused on a limited number of large-scale equity investments in high-quality growth businesses. H&F seeks to partner with world-class management teams where its deep sector expertise, long-term orientation and collaborative partnership approach enable companies to flourish. H&F targets outstanding businesses in select sectors, including technology, financial services, healthcare, consumer services & retail and information, content & business services. Since its founding in 1984, H&F has invested in over 100 companies and has over $115 billion in assets under management as of December 31, 2024. H&F is headquartered in San Francisco, California.

ADIA is a globally-diversified investment institution that prudently invests funds on behalf of the Government of Abu Dhabi through a strategy focused on long-term value creation. ADIA is headquartered in Abu Dhabi, United Arab Emirates.

Healthcare

Medline follow-on offering