TPG Reaches $19.5 Million Settlement in Convey Health Deal Case

TPG Inc. affiliates and former Convey Health Solutions Holdings Inc. board members agreed to pay $19.5 million to end shareholder litigation challenging the medical technology company’s $1.1 billion take-private buyout.

The settlement, disclosed in court filings Monday, would resolve claims that the private equity firm backed Convey into a corner by using its influence to impede competing suitors while a board stacked with TPG loyalists caved after failing to conduct a market check or seek other leverage. The transaction closed in 2022.

In connection with the shareholder accord, “defendants, former defendants, and Convey deny any and all allegations of ...