TPG Acquisitions: How TPG Built Its Business Through M&A

TPG acquisitions show how one of the world’s major alternative asset managers has used dealmaking to build exposure across financial technology, healthcare, renewable energy, digital media, telecommunications, software, cybersecurity, hospitality technology, funeral services, packaging, and business services.

From 2003 to 2025, TPG completed 43 acquisitions with a total disclosed deal value of about $89.0 billion and an average disclosed deal size of roughly $2.1 billion. Its M&A activity has focused mainly on information technology, healthcare, telecommunications, digital media, and digital entertainment.

That broad footprint reflects TPG’s role as an investment firm rather than a traditional operating company. TPG does not acquire businesses to merge them into one product platform. It invests across sectors through different strategies, including private equity, growth investing, impact investing, climate investing, real estate, and other asset management vehicles.

The most recent listed acquisition is AvidXchange, a fintech company focused on accounts payable automation and payment solutions for mid-sized businesses. TPG and Corpay agreed in May 2025 to acquire AvidXchange for $10.00 per share in cash, valuing the transaction at about $2.2 billion. TPG is acquiring a majority interest, while Corpay is taking a minority stake.

What Is TPG?

TPG is a global alternative asset management firm. It invests across private equity, growth equity, impact, real estate, credit, market solutions, and infrastructure-related strategies.

The firm is best known for acquiring, investing in, and scaling companies across many industries. Its targets range from technology platforms and healthcare software businesses to media assets, renewable energy companies, cybersecurity firms, telecom providers, financial services platforms, and consumer-facing businesses.

Because TPG is an investment firm, its acquisition logic is different from a corporate acquirer. A corporate buyer may acquire a company to add a product, integrate technology, or eliminate a competitor. TPG typically acquires companies to support growth, improve operations, reposition strategy, professionalize management systems, expand margins, build platforms, or prepare for a later sale or public-market exit.

That distinction is important when analyzing TPG acquisitions. The question is not simply whether each company fits into one operating business. The stronger question is whether each acquisition fits a fund strategy, sector thesis, value-creation plan, or long-term investment theme.

Why TPG Acquisitions Matter

TPG acquisitions matter because they show how private equity and alternative asset managers allocate capital across fast-changing sectors.

Recent TPG transactions reveal several major themes. AvidXchange reflects the rise of fintech and accounts payable automation. Sabre Hospitality Solutions shows the value of hotel technology platforms. Altus Power reflects clean energy infrastructure and distributed solar. DIRECTV shows continued private equity interest in mature media and entertainment cash flows. Aareon and Altimetrik point to enterprise software and digital transformation. Forcepoint and Delinea highlight cybersecurity. Nextech Systems and Convey Health Solutions show interest in healthcare software and administration.

The result is a portfolio of acquisitions that tracks where institutional capital sees opportunity: digitization, payment automation, healthcare administration, climate infrastructure, cybersecurity, media transformation, and recurring software revenue.

Full List of TPG Acquisitions

TPG Acquisitions Timeline

2016: Telecommunications Exposure With Hongkong Telecom

TPG’s listed acquisition history includes Hongkong Telecom in 2016 for $1.2 billion. HKT is a major telecommunications service provider in Hong Kong.

Telecommunications assets can be attractive to private equity because they may offer recurring customer relationships, infrastructure value, and essential service demand. However, they can also require heavy capital investment and face regulatory oversight.

2017: Wave and U.S. Cable, Internet, and Phone Services

In 2017, TPG acquired Wave for $2.4 billion. Wave provided video, internet, and phone services.

The deal gave TPG exposure to broadband connectivity, cable services, and local telecom infrastructure. At the time, demand for high-speed internet was becoming increasingly important as households and businesses relied more heavily on streaming, cloud services, remote work, and digital communication.

2019: Accel Entertainment and Digital Entertainment

TPG acquired Accel Entertainment in 2019 for $884.0 million. Accel operated video entertainment services.

This acquisition expanded TPG’s exposure to digital entertainment and consumer-facing leisure markets. It also showed the firm’s willingness to invest outside software and healthcare when a business had cash-flow potential and market scale.

2020: Planview and Enterprise Portfolio Management

In 2020, TPG acquired Planview for $1.6 billion. Planview provides enterprise software that helps business, technology, and transformation leaders create organizational focus.

This deal fit a broader enterprise software theme. Large organizations need tools to manage portfolios, projects, resources, transformation programs, and strategic execution. Software that supports those workflows can create sticky customer relationships.

2021: Cybersecurity and Recruiting Software

In 2021, TPG acquired Delinea and Greenhouse Software.

Delinea added privileged access management, a cybersecurity category focused on controlling high-risk access to systems and sensitive data. Greenhouse added talent acquisition software for recruiting workflows.

These deals show two different software themes: security and human capital technology. Both are mission-critical for enterprises.

2022: Healthcare Administration and Payment Accuracy

In 2022, TPG acquired Convey Health Solutions and Lyric.

Convey Health Solutions added healthcare member enrollment, service, administration, and wellness solutions. Lyric added payment accuracy solutions for healthcare payers.

These deals highlight healthcare administration as an investment theme. Healthcare systems are complex, and payers need technology to manage enrollment, claims accuracy, member services, compliance, and cost control.

2023: Asset Management, Cybersecurity, Healthcare Tech, and Packaging

In 2023, TPG acquired Angelo Gordon, Forcepoint, SAMHWA, Nextech Systems, and InvoCare Australia.

Angelo Gordon added alternative investing capabilities across credit and real estate. Forcepoint expanded cybersecurity exposure through data protection and network security. Nextech Systems added healthcare software for specialty physicians. SAMHWA added cosmetic packaging manufacturing. InvoCare added funeral and memorialization services.

This year showed TPG’s range: alternative assets, security software, healthcare technology, manufacturing, and services.

2024: Media, Real Estate Software, Digital Business, and Entertainment

In 2024, TPG acquired DIRECTV, Aareon, Altimetrik, and Untitled Entertainment.

DIRECTV was a major digital entertainment transaction. Aareon added property systems and consulting services. Altimetrik expanded digital business enablement and IT services exposure. Untitled Entertainment added entertainment talent management exposure.

The 2024 acquisitions show TPG investing in both mature media assets and software-led business services.

2025: Fintech, Hospitality Technology, and Clean Energy

In 2025, TPG’s listed acquisitions included AvidXchange, Sabre Hospitality Solutions, and Altus Power.

AvidXchange was announced in May 2025 in partnership with Corpay. The all-cash transaction valued AvidXchange at $2.2 billion, with TPG taking a majority stake and Corpay taking a minority position.

Sabre Hospitality Solutions was announced in April 2025. Sabre agreed to sell the business to TPG for $1.1 billion in cash, with the transaction designed to establish Hospitality Solutions as an independent technology company for the hotel industry. Sabre later announced the completion of the sale in July 2025.

Altus Power was announced in February 2025. The all-cash transaction valued the company at about $2.2 billion, including outstanding debt. The deal was made through TPG Rise Climate Transition Infrastructure and gave TPG exposure to commercial-scale solar, energy storage, and charging infrastructure.

Biggest TPG Acquisitions by Deal Value

The biggest deals show TPG’s breadth. Media, property software, alternative asset management, cybersecurity, telecom, fintech, renewable energy, healthcare payments, enterprise software, and digital business services all appear among the largest listed acquisitions.

Most Common Acquisition Categories

This mix shows that TPG’s acquisition strategy is diversified but still linked to major long-term themes: digitization, healthcare complexity, connectivity, media distribution, and financial technology.

Strategic Lessons From TPG Acquisitions

TPG Invests Across Themes, Not One Industry

TPG acquisitions are not concentrated in only one sector. The firm invests across technology, healthcare, telecom, media, energy, financial services, and business services.

Software and Tech-Enabled Services Are Central

AvidXchange, Sabre Hospitality Solutions, Aareon, Altimetrik, Nextech Systems, Forcepoint, Delinea, Planview, and Greenhouse all point to software and technology-enabled services as major themes.

Healthcare Administration Is an Attractive Market

Convey, Lyric, and Nextech Systems show TPG’s interest in healthcare technology and administrative software. These businesses can benefit from complex workflows, recurring demand, and pressure to improve efficiency.

Climate Infrastructure Has Become a Private Equity Theme

Altus Power shows how renewable energy infrastructure has become an important investment area for alternative asset managers.

Media Assets Still Attract Capital

DIRECTV and Untitled Entertainment show that mature media and entertainment assets can remain attractive when investors see cash flow, restructuring potential, or platform value.

How TPG Acquisitions Fit Its Business Model

TPG’s business model is based on managing investment strategies and deploying capital into companies with value-creation potential.

Acquisitions fit this model when they offer one or more of the following:

• Stable cash flows
• Growth potential
• Operational improvement opportunities
• Sector tailwinds
• Platform-building potential
• Technology modernization
• Margin expansion
• Strategic partnerships
• Future exit opportunities

AvidXchange fits the fintech and automation theme. Sabre Hospitality Solutions fits travel and hotel software. Altus Power fits renewable infrastructure. Forcepoint fits cybersecurity. Nextech Systems fits healthcare software. DIRECTV fits media distribution and cash-flow repositioning.

These companies do not need to belong to one corporate product ecosystem. They need to fit investment theses.

Financial and Ownership Context

TPG completed 43 listed acquisitions from 2003 to 2025 with total disclosed deal value of about $89.0 billion. The average disclosed acquisition size was approximately $2.1 billion.

The 2025 AvidXchange transaction illustrates how TPG often structures deals with strategic or financial partners. TPG is acquiring a majority interest, while Corpay is acquiring a minority stake and investing approximately $500 million for about 33% equity ownership.

The Altus Power transaction also shows the importance of strategy-specific investing. TPG pursued the deal through its TPG Rise Climate Transition Infrastructure strategy, linking the acquisition to clean energy and climate infrastructure themes.

Competitive Impact of TPG Acquisitions

TPG competes with other private equity firms, infrastructure investors, growth equity investors, strategic acquirers, pension-backed funds, sovereign wealth funds, and public markets.

Its acquisition record strengthens its competitive position in several ways.

First, it demonstrates deal execution across many sectors. Sellers and boards can see that TPG has experience in complex transactions.

Second, it gives TPG sector credibility in technology, healthcare, telecom, media, cybersecurity, and climate infrastructure.

Third, it supports platform-building. TPG can back companies that may later make add-on acquisitions or expand through operational improvements.

Fourth, its partnerships can make deals more attractive. The AvidXchange deal with Corpay is an example of combining private equity ownership with a strategic minority partner.

However, competition for quality assets remains high. TPG must balance growth ambitions with valuation discipline.

Advantages of the Acquisition Strategy

Sector Diversification

TPG acquisitions span technology, healthcare, telecom, media, financial services, renewable energy, and business services.

Exposure to Long-Term Growth Themes

The firm has exposure to payments automation, healthcare software, cybersecurity, clean energy, hospitality technology, and digital transformation.

Platform-Building Potential

Many acquisitions can become platforms for growth, add-on acquisitions, or operational improvement.

Partner-Led Deal Flexibility

Deals such as AvidXchange show how TPG can partner with strategic investors to structure transactions.

Private Ownership Flexibility

TPG can support companies away from public market pressure, allowing longer-term strategy execution.

Disadvantages of the Acquisition Strategy

Valuation Risk

Large acquisitions can be expensive. Overpaying can reduce returns, especially when growth slows.

Leverage and Interest Rate Risk

Private equity transactions may involve debt. Higher interest rates can pressure cash flows and exit valuations.

Sector Complexity

TPG invests across many different industries, each with unique risks, regulations, and operating requirements.

Exit Risk

Private equity returns depend on successful exits through sales, IPOs, recapitalizations, or other liquidity events.

Regulatory Risk

Healthcare, telecom, energy, financial services, and media transactions can face regulatory scrutiny.

Case Studies of Major TPG Acquisitions

AvidXchange

AvidXchange is TPG’s most recent listed acquisition. The company provides accounts payable automation software and payment solutions for mid-sized companies and their suppliers.

The deal valued AvidXchange at $2.2 billion. TPG is acquiring a majority interest, while Corpay is acquiring a minority stake. The transaction shows TPG’s interest in fintech, embedded payments, software automation, and mid-market business workflows.

Altus Power

Altus Power provides clean electric power through solar generation, energy storage, and charging infrastructure. TPG agreed to acquire the company in a transaction valued at approximately $2.2 billion, including outstanding debt.

This acquisition fits the climate infrastructure theme. Distributed solar and energy storage can benefit from demand for lower-carbon power, corporate sustainability goals, and long-term energy transition trends.

Sabre Hospitality Solutions

Sabre Hospitality Solutions provides technology and services for hotel management and operations. Sabre agreed to sell the business to TPG for $1.1 billion in cash, and later announced the completion of the sale in July 2025.

This acquisition gives TPG a hospitality technology platform serving hotel operations, reservations, and related systems.

Forcepoint

Forcepoint was acquired for $2.5 billion in 2023. The company provides data protection and cybersecurity tools that help businesses secure users, data, and networks.

This deal fits TPG’s interest in cybersecurity, a market supported by persistent enterprise demand, rising data risk, and regulatory pressure.

DIRECTV

DIRECTV was acquired in a major 2024 transaction valued at $7.6 billion. The company provides digital entertainment services, including sports, news, movies, family, and local programming.

The deal reflects private equity interest in media assets with scale, cash flow, and restructuring potential, even as the traditional television industry faces pressure from streaming and cord-cutting.

Common Mistakes When Analyzing TPG Acquisitions

Treating TPG Like a Strategic Operating Company

TPG is an alternative asset manager. Its acquisitions are investments, not parts of one unified product strategy.

Ignoring Fund Strategy

Different TPG deals may sit in different strategies, including private equity, climate, growth, or sector-specific platforms.

Looking Only at Deal Size

A smaller deal can be strategically important if it fits a platform or a high-growth thesis.

Overlooking Regulatory Risk

TPG invests in sectors such as healthcare, energy, telecom, finance, and media, where regulation can affect returns.

Assuming Private Equity Value Creation Is Automatic

Buying a company does not create value by itself. TPG must improve growth, operations, margins, governance, or exit positioning.

Lessons for Business Owners and Investors

TPG’s acquisition history offers several lessons.

First, private equity strategies can be broad but still disciplined. TPG invests across many sectors, yet recent deals show recurring themes in technology, healthcare, fintech, media, and infrastructure.

Second, software and tech-enabled services remain attractive because they can offer recurring revenue, workflow importance, and operational improvement opportunities.

Third, climate infrastructure is now part of mainstream private capital investing.

Fourth, healthcare technology and payer administration remain important because the healthcare system needs efficiency, accuracy, and better digital tools.

Finally, deal structure matters. Partnerships, majority stakes, minority co-investments, carve-outs, and take-private transactions can all create different risk and return profiles.

Key Takeaways

• TPG completed 43 listed acquisitions from 2003 to 2025.
• Total disclosed deal value is about $89.0 billion.
• The average disclosed acquisition size is approximately $2.1 billion.
• TPG acquisitions focus mainly on information technology, healthcare, telecommunications, digital media, and digital entertainment.
• AvidXchange is the most recent listed acquisition, announced in May 2025.
• TPG and Corpay agreed to acquire AvidXchange for about $2.2 billion.
• Sabre Hospitality Solutions was acquired for $1.1 billion and became an independent hospitality technology platform.
• Altus Power gave TPG exposure to commercial-scale solar and climate infrastructure.
• DIRECTV is the largest listed transaction in this set at $7.6 billion.
• Forcepoint and Delinea show TPG’s cybersecurity exposure.
• Nextech Systems, Convey Health Solutions, and Lyric show TPG’s healthcare technology focus.
• The main risks include valuation pressure, leverage, regulatory scrutiny, sector complexity, and exit timing.

Frequently Asked Questions

What are TPG acquisitions?

TPG acquisitions are companies bought or majority-backed by TPG through its investment strategies, including private equity, growth, climate, infrastructure, and other alternative asset management platforms.

How many acquisitions has TPG made?

TPG has made 43 listed acquisitions from 2003 to 2025.

What is the total value of TPG acquisitions?

The total disclosed value of TPG acquisitions is about $89.0 billion.

What is TPG’s average acquisition size?

TPG’s average disclosed acquisition size is approximately $2.1 billion.

What is TPG’s most recent acquisition?

TPG’s most recent listed acquisition is AvidXchange, announced in May 2025 in partnership with Corpay.

Why did TPG acquire AvidXchange?

TPG acquired a majority interest in AvidXchange to invest in accounts payable automation, payment solutions, and fintech software for mid-sized companies.

Did TPG acquire Sabre Hospitality Solutions?

Yes. Sabre announced in July 2025 that it completed the sale of its Hospitality Solutions business to TPG for $1.1 billion.

Why did TPG acquire Altus Power?

TPG acquired Altus Power to gain exposure to commercial-scale solar, clean electric power, energy storage, and climate infrastructure.

Which sectors dominate TPG acquisitions?

The most common sectors are information technology, healthcare, telecommunications, digital media, and digital entertainment.

What are the risks of TPG’s acquisition strategy?

The main risks include valuation pressure, leverage, interest rates, regulatory review, operational underperformance, and exit timing.

Conclusion

TPG acquisitions show how a major alternative asset manager builds exposure across many parts of the global economy. Across 43 listed acquisitions from 2003 to 2025, TPG invested in fintech, hospitality technology, renewable energy, digital entertainment, property software, IT services, healthcare technology, cybersecurity, telecom, asset management, packaging, funeral services, recruiting software, and enterprise platforms.

The firm’s largest and most recent deals reveal several clear themes. AvidXchange fits fintech and payments automation. Sabre Hospitality Solutions fits vertical software for hotels. Altus Power fits climate infrastructure. DIRECTV fits media and entertainment. Forcepoint and Delinea fit cybersecurity. Nextech Systems, Lyric, and Convey Health Solutions fit healthcare technology and administration.

The strategy has advantages. TPG can diversify across sectors, partner with strategic investors, support companies under private ownership, and build platforms around long-term themes. But it also carries risks. Large acquisitions require valuation discipline, thoughtful leverage, regulatory awareness, strong operational execution, and clear exit planning.

For business leaders and investors, TPG acquisitions offer a useful case study in modern private equity. The firm’s M&A record shows that alternative asset managers are not only financial buyers. They are active owners shaping technology, healthcare, energy, media, and business services markets.

Disclaimer: This article is for informational and educational purposes only. It is not investment advice, financial advice, or a recommendation to buy or sell any security. Always conduct your own research and consider speaking with a qualified financial adviser before making investment decisions.

Read Also: TiVo Acquisitions: How TiVo Corporation Built Its Business Through M&A