UnitedHealth Sells Stake in Troubled Optum Unit Amid Reaffirmation

UnitedHealth Group's stock fell by 3% to $388.58 in early Wednesday trading after the company sold an interest in part of its Florida WellMed primary-care clinics to TPG, a Fort Worth alternative asset manager.

The deal is significant because it involves Optum Health, the value-based care unit whose struggles drove UnitedHealth's ongoing turnaround efforts.

According to Bloomberg, Chief Financial Officer Wayne DeVeydt said that UnitedHealth sold an interest in some of its Optum Health operations in Florida to TPG, centered on WellMed's senior primary-care clinics, because it 'didn't need the dollars' and needed a partner with local focus and capital.

The transaction terms were not disclosed, but DeVeydt mentioned that Optum Health margins will reach 2% this year, ahead of prior expectations, and guided to 4% next year.