UnitedHealth Group has reached an agreement to sell its remaining South American asset, Banmedica, to Brazilian private equity firm Patria Investments for $1 billion, according to people familiar with the transaction. They noted that the deal was finalized on Saturday and is expected to be publicly announced on Monday.
The company has been gradually pulling out of Latin America since 2022, following earlier divestments in Brazil and Peru, and discussions regarding Banmedica—which operates in Colombia and Chile—have been ongoing for nearly a year. As of June, Banmedica oversaw 1.7 million insurance members and managed seven hospitals and 47 medical centers after its Peru exit. Executives see the move as another step in streamlining operations as CEO Stephen Hemsley focuses on a corporate turnaround and aims to restore growth in 2026. Hemsley, who returned in May amid operational and reputational challenges, has been guiding the company through issues ranging from a major executive’s death to rising medical costs and a federal investigation. UnitedHealth also recently absorbed an $8.3 billion loss tied to its broader South American departures, including $7.1 billion from the Brazil sale and $1.2 billion from Banmedica.
Source: CNBC
