Advent与Bain拟170亿雷亚尔全资收购巴西医疗巨头Amil

The potential sale of Amil has gained momentum in recent weeks, but so far there is only one point of agreement: private equity firms Advent International and Bain Capital want to acquire 100% of the Brazilian health insurer. The price, based on a valuation of about R$17 billion, remains a sticking point, three people familiar with the matter told Valor. Advent and Bain approached businessman José Seripieri Filho, known as Júnior, in recent months about acquiring all of Amil, sources said. Seripieri, however, was unwilling to give up control. Talks cooled, but the firms returned this year with an offer valuing the company at R$17 billion. When Seripieri acquired Amil two and a half years ago, the health insurer was valued at R$11 billion, of which R$9 billion related to contingent liabilities. U.S.-based UnitedHealth Group (UHG) sold the loss-making business to Seripieri and exited Brazil. Early last year, Bain approached Seripieri about taking control of the health-care company, but the talks failed to move forward. Full ownership Bain later teamed up with Advent and resumed negotiations to acquire Amil outright. The size of the offer caught Seripieri’s interest, but he proposed retaining a minority stake in the company. Two sources close to the private equity firms told Valor that they have no interest in keeping Seripieri as a minority shareholder and are unwilling to settle for anything less than 100% ownership. Hapvida loses R$14.2bn in market capitalization in 12 months Private health insurance market loses momentum as growth stalls The talks are now being held up by disagreements over price, people familiar with knowledge of the situation said. One person said Seripieri, who is well connected in Brasília, has resolved regulatory issues over the past two and a half years and reduced the company’s contingent liabilities. Price gap Seripieri is now negotiating the finer points of the valuation, two people said. Other factors that affect the transaction value are also under discussion, including working capital and the deal structure. There is no deadline for an agreement, but market players expect that a transaction could be completed before the end of the year. Advent, which this year became a major shareholder in cosmetics maker Natura and appointed two board members, already has experience in the health-care sector through its investment in diagnostics company Fleury. Bain previously owned health insurer NotreDame Intermédica. Seripieri did not respond to requests for an interview. Bain did not immediately reply to Valor's request for comment. Amil and Advent declined to comment.