TPG (TPG) is nearing a deal worth more than £1B ($1.4B) to acquire the U.K. division of UnitedHealth’s (UNH) Optum health services and technology unit, Sky News reported on Tuesday, citing sources.
The U.S. private equity firm has developed a basic framework of a deal worth £1.2B ($1.6B)–£1.4B ($1.9B) to acquire the company, which provides the electronic patient record system used by many British GPs.
A potential deal could be announced in the coming weeks, the sources said, adding that without any finalization, the parties could still walk away from an agreement. Bank of America has been serving as an advisor on the sale, which has also drawn buyout interest from firms such as Blackstone (BX).
UnitedHealth’s (UNH) U.K. Optum business comprises health-technology company EMIS, which the managed care giant acquired in 2023 under the leadership of its former CEO Andrew Witty, following a deal worth nearly £1.24B.