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TPG is the frontrunner to acquire the UK division of healthcare services firm Optum, according to 9fin sources.

The company, owned by NYSE-listed healthcare giant UnitedHealth Group, engaged Bank of America to advise on a sale earlier this year, as Sky News reported.

Optum UK is being marketed off roughly £55m EBITDA for the sale, sources said, with direct lenders pitching debt packages levered at around 5x for a potential transaction.

The company’s operation includes EMIS, the patient record system used by most GPs throughout Britain, after Optum paid around £1.2bn for the business two years ago.

A sponsor-backed deal could sign before the end of 2025, one source noted, although UnitedHealth would need to fetch a multiple of around 22x EBITDA to recoup what it paid for EMIS in 2023.

Blackstone was reportedly looking at the sale in October, per Sky News.

UnitedHealth Group, one of the world’s largest companies by revenue, provides health insurance under its UnitedHealthcare division and healthcare technology and management services through Optum.

The group’s share price has fallen by 41.4% YTD, accounting for a market capitalisation of just over $300bn as of 17 December.

TPG and Bank of America declined to comment. UnitedHealth Group and Optum did not respond to a request for comment.