Private equity giants TPG and Blackstone have joined forces to submit a joint bid for eyecare company Bausch + Lomb, Financial Times reported citing sources familiar with the development. If successful, the transaction could be one of the largest private equity deals of the year, with Bausch + Lomb's enterprise value, including debt, standing at $11.5 billion as of Friday's market close. Several other private equity firms that had been evaluating bids have reportedly exited the process, FT reported. Bausch + Lomb has been put up for sale to resolve ongoing disputes over its separation from its highly indebted parent company, Bausch Health. TPG and Blackstone have emerged as leading contenders to take Bausch + Lomb private. Both firms had shown interest in acquiring the business even before it went public in 2022, the sources said. Notably, TPG already owns ophthalmology firm BVI Medical.