April 23, 2026, 8:06am ET.
TPG has completed its acquisition of Optum UK – the UnitedHealth Group subsidiary whose core asset is EMIS Group, the dominant supplier of electronic patient record systems to NHS general practices – with the transaction closing on March 13, 2026. Healthcare Dealflow identified TPG as the eventual buyer through a review of regulatory filings. No press announcement has been issued by either party.
UnitedHealth Group confirmed the divestiture in its Q1 2026 earnings release, noting $400 million in net proceeds committed to the United Health Foundation.
The transaction had been widely anticipated following January 2026 reporting from Sky News that TPG was the frontrunner in a deal valued between £1.2 billion and £1.4 billion. As of publication, no sourced reporting has confirmed TPG as the sole buyer.
The Australian Competition and Consumer Commission’s mergers register identifies the acquirer as “Ethos Bidco, Ltd. (TPG),” describing the transaction as the indirect acquisition of 100% of the shares of EMIS Group Limited along with certain related healthcare technology assets from UnitedHealth Group affiliates (ACCC mergers register). UK Companies House records for EMIS Group Limited (company no. 06553923) corroborate this: a PSC02 filing dated March 17, 2026 notifies Ethos Bidco, Ltd. as the new person with significant control effective March 13 (PSC02 filing – PDF), while a simultaneously filed PSC07 records the cessation of Bordeaux UK Holdings II Limited – the wholly owned UnitedHealth Group subsidiary that acquired EMIS in 2023 – as person with significant control on the same date (PSC07 filing – PDF).
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