Temasek and Warburg Pincus are preparing to sell their majority stake in Global Healthcare Exchange (GHX), with the deal expected to value the company at up to $5bn, according to the Financial Times.

The two investors are reportedly working with advisors on a potential full or partial sale, with formal bids anticipated later this year.
GHX provides cloud-based supply chain, inventory, and payment management solutions for healthcare providers and suppliers. Temasek acquired its stake in 2017 from Thoma Bravo, which fully exited the business at that time, while Warburg Pincus invested $500m in 2021, becoming a minority stakeholder.

The move aligns with a broader surge in private equity exits this year. Global firms have already divested nearly $119bn in assets during 2025, making it the second-largest year for exits in the past two decades, behind only 2021’s $211bn peak, according to Bain & Co.

Private equity firms and strategic buyers are expected to express strong interest in GHX, although the outcome of the process will depend on the quality of the bids. Temasek and Warburg Pincus may retain ownership if offers fall short of their valuation expectations.

GHX declined to comment on the potential sale but reiterated its focus on delivering technology-driven supply chain solutions to the healthcare sector. Similarly, both Temasek and Warburg Pincus have not commented on the ongoing process.

The possible sale follows a series of high-profile exits from software and healthcare technology firms. In a recent example, Warburg Pincus, alongside management, exited a 90% stake in electronic health records company Modernizing Medicine in a $5.3bn deal with Clearlake Capital, generating nearly a 10x return. Other notable transactions include Thoma Bravo’s $2.4bn sale of Quorum to Francisco Partners and Blackstone’s reported plans to exit HealthEdge.

Temasek, which currently manages $291bn in assets, and Warburg Pincus, with $87bn under management, have been active players in healthcare and software sectors. The potential GHX transaction would mark another significant milestone in their broader exit strategies amid a strong secondary market for mature technology assets.