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TPG to acquire healthcare IT platform Nextech in $1.4bn deal

TPG is to acquire Nextech, a provider of clinical and administrative healthcare technology solutions for specialty physician practices, from Thomas H Lee Partners for $1.4 billion. TPG is investing in Nextech through TPG Capital, its US and European late-stage private equity platform.

TPG is to acquire Nextech, a provider of clinical and administrative healthcare technology solutions for specialty physician practices, from Thomas H Lee Partners (THL) for $1.4 billion. TPG is investing in Nextech through TPG Capital, its US and European late-stage private equity platform.

Nextech provides comprehensive electronic medical record and practice management software to specialty physician practices. The company’s cloud-based solutions are designed to help specialty practices enhance operations and better support patient care and satisfaction using a single, integrated platform.

TPG has a long history of backing and growing healthcare IT companies, with the firm having previously invested in  Lyric (formerly known as ClaimsXten), WellSky, and IQVIA.

The transaction, which is subject to regulatory review and the satisfaction of customary closing conditions, is expected to close in the third quarter of 2023. 

TripleTree, Guggenheim Securities, and UBS Investment Bank served as financial advisors to TPG, and Ropes & Gray served as legal counsel. William Blair served as lead financial advisor to Nextech and THL, and Raymond James and Jamieson served as financial advisors. Kirkland & Ellis served as legal counsel to Nextech and THL.

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