TPG Nears Multibillion-Pound Acquisition of UK GP Records Provider

Key Moments

TPG is close to agreeing a £1bn-plus acquisition of Optum’s UK business, which supplies electronic patient record systems to most GP practices in Britain.
The deal value has been indicated in a range of approximately £1.2bn-£1.4bn and would follow Optum UK’s last ownership change just two years ago.
The prospective sale is part of wider efforts under UnitedHealth’s new leadership to address the company’s sharp share price decline over the past year.

TPG Advances Toward Purchase of Optum UK

TPG is moving toward a deal to acquire the UK arm of Optum, the business that provides the electronic patient record platform used by the majority of general practitioners across Britain. The operation is currently owned by UnitedHealth Group, which is listed in New York.

According to people familiar with the matter, TPG has reached an outline agreement to purchase Optum’s UK business. These sources indicated that the transaction value is expected to fall in a range of about £1.2bn-£1.4bn. They emphasized, however, that final terms have not yet been agreed and that the transaction could still fail to complete.

If it goes ahead, this would represent another change of ownership for the business just two years after it last changed hands.

Strategic Options and Potential Combination With Nextech

One private equity source suggested that, following completion of the acquisition, TPG could explore combining Optum UK with Nextech, a US-based supplier of electronic medical record software to physicians’ practices. No formal combination has been announced, and this scenario was framed as a potential strategic direction rather than a confirmed plan.

EMIS and Optum UK’s Recent History

Optum UK’s portfolio includes EMIS, a key player in primary care software. EMIS was acquired by Optum in 2023 in a transaction valued at about £1.2bn.

That acquisition took place under the leadership of Sir Andrew Witty, the former head of GlaxoSmithKline, who subsequently stepped down as chief executive of UnitedHealth. The EMIS takeover received clearance from UK competition authorities in September 2023 after a detailed Phase 2 review.

UnitedHealth’s Valuation Pressure and Sale Process

Over the past year, UnitedHealth’s share price has declined by exactly one-third, leaving the company on Tuesday with a market capitalization of just under $310bn. People familiar with the situation said the potential sale of Optum’s UK arm is part of the response led by Sir Andrew’s successor, Stephen Hemsley, to try to stem this sharp fall in the group’s valuation.

Bank of America has been engaged as adviser on the divestment. The sale process attracted interest from several buyout firms, including Blackstone, according to the same sources.

Key Deal Metrics and Participants

Item	Detail
Target business	Optum’s UK operation (including EMIS)
Current owner	UnitedHealth Group (New York-listed)
Prospective buyer	TPG
Estimated deal value	Approximately £1.2bn-£1.4bn
Adviser on sale	Bank of America
Other interested parties	Buyout firms including Blackstone
EMIS acquisition by Optum	2023, about £1.2bn; cleared by UK regulators in September 2023 after Phase 2 investigation
UnitedHealth recent share price move	Stock down by exactly one-third over the last year
UnitedHealth market capitalization (Tuesday)	Just under $310bn

Regulatory and Corporate Context

Optum’s acquisition of EMIS received formal approval in September 2023 from UK competition regulators after an in-depth Phase 2 review. This prior regulatory process provides important context for any new change in ownership of Optum’s UK activities, including EMIS.

The shift in leadership at UnitedHealth – from Sir Andrew Witty to Stephen Hemsley – frames the strategic backdrop to the proposed divestment. The planned sale is seen by those close to the situation as an element of the new chief executive’s approach to dealing with the company’s valuation challenges.