TPG Inc. is in advanced talks to acquire UnitedHealth’s Optum UK business for a transaction valued between £1.2 billion and £1.4 billion, a deal that would give the private‑equity firm a fee‑stable revenue stream in the United Kingdom’s healthcare services market.
Optum UK is built around EMIS, a leading electronic patient record system for British general practitioners that UnitedHealth acquired in 2023 for £1.24 billion. In addition to EMIS, Optum UK operates a portfolio of healthcare delivery, data analytics and population‑health services that serve the NHS and private providers.
The acquisition aligns with TPG’s strategy to shift from a pure‑play private‑equity model to a fee‑stable alternative asset manager and to expand beyond the United States. TPG has already invested in the U.S. electronic‑medical‑record provider Nextech, which it bought in 2023 for $1.4 billion; a combination of Optum UK and Nextech could create a global platform for electronic health‑record solutions.
UnitedHealth’s decision to sell Optum UK appears to be part of a broader effort to simplify its international operations and to recoup its initial investment in EMIS. The deal remains in negotiation, and its completion would depend on regulatory approval and the parties’ ability to integrate the two organizations.
The UK healthcare‑IT market is expanding as demand for digital solutions rises, and the transaction would strengthen TPG’s portfolio of fee‑stable assets while providing UnitedHealth with a streamlined exit from a complex overseas operation.
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