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TPG (NASDAQ: TPG), a global alternative asset management firm, and AmerisourceBergen Corporation (NYSE: ABC) on Friday announced the completion of their previously announced acquisition of OneOncology from General Atlantic.
OneOncology, based in Nashville, is a network of leading oncology practices.
The transaction values OneOncology at $2.1 billion, officials said at the time the deal was initially announced in April.
“OneOncology has been focused on strengthening independent oncology practices by helping them grow and deliver high-value cancer services, and General Atlantic’s involvement and investment have been central to our success,” said Jeff Patton, OneOncology CEO, in April. “As we look ahead, we are excited to continue building the platform in partnership with TPG, a proven investor in the healthcare provider space, and AmerisourceBergen, a healthcare leader with significant capabilities and solutions for community oncology practices.”
TPG, based in Fort Worth and San Francisco, has acquired a majority interest, and AmerisourceBergen has acquired a minority interest in the company. OneOncology’s affiliated practices, physicians, and management team have also retained a minority interest in the company.
“OneOncology’s physician leadership and partnership model provide access to the latest clinical pathways, research, and technology to deliver personalized care with market-leading patient outcomes and experiences,” said Kendall Garrison, a partner at TPG. “The company is enabling high-quality and efficient cancer care by empowering leading practices and physicians to remain independent while providing benefits of scale that create value for the entire healthcare ecosystem.”
TPG is investing in OneOncology through its U.S. and European late-stage private equity platform, TPG Capital, according to a press release.
Founded in 1992, TPG has $137 billion of assets under management and investment and operational teams around the world. TPG invests across five multi-strategy platforms: Capital, Growth, Impact, Real Estate, and Market Solutions.