UnitedHealth Sells Interest in Florida Clinics to TPG

UnitedHealth Group Inc., the health conglomerate behind Optum Health, has sold its interest in several Florida WellMed clinics to private equity company TPG Inc.

The sale is part of UnitedHealth's efforts to recover from a collapse in profits last year. According to Chief Financial Officer Wayne DeVeydt, working with TPG will allow the business to grow more quickly and execute a broader turnaround.

DeVeydt stated that UnitedHealth didn't need the dollars generated by the sale but needed focus and someone who could work locally with them. This partnership is expected to help Optum Health operations in Florida expand faster than if UnitedHealth were running everything alone.