Approved · Waiver · decided in 10 days, 13 Jan 2026
Ethos Bidco, Ltd, backed by TPG Inc. funds, is acquiring UK-based healthcare software business EMIS Group Limited, EMIS Health India Private Limited, and certain healthcare technology assets from affiliates of UnitedHealth Group Incorporated. EMIS provides primary care electronic patient record systems. This is a share and asset acquisition.
Ethos Bidco, Ltd (Ethos) proposes to indirectly acquire the following from affiliates of UnitedHealth Group Incorporated (UHG) pursuant to a Share and Asset Purchase Agreement (EMIS SAPA): 100% of the shares of EMIS Group Limited (EMIS); and Certain healthcare technology assets used in the UK by UHG's wholly owned subsidiary, Optum Health Solutions (UK) Limited (Transferred Assets). Ethos also proposes to acquire 100% of EMIS Health India Private Limited (EMIS India) (together with EMIS and the Transferred Assets, the Target Group) from UHG through a separate Share Purchase Agreement (EMIS India SPA , together with EMIS SAPA, the Acquisition). Ethos is a special purpose vehicle established by funds managed by affiliates of TPG Inc. (TPG) for the purpose of the Acquisition. TPG is a leading global alternative asset manager firm founded in San Francisco in 1992. UHG is an NYSE-listed multinational healthcare and well-being company. EMIS is a UK-based healthcare software business ultimately owned by UHG. Its core product is a primary care electronic patient record (EPR) system. In Australia, the Target Group's activities are limited to the provision of ancillary services to a single customer in relation to the Target Group's legacy EPR system.