Ethos (TPG) – EMIS and certain related assets
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.
- Status
- Assessment completed
- ACCC determination
- Approved
- Stage
- Waiver application
- Notified
- 3 January 2026
- Determination published
- 13 January 2026
Acquirers
- Ethos Bidco, Ltd
Targets
- EMIS Group Limited
- UnitedHealth Group Incorporated (UHG)