UnitedHealth Group (UNH) has agreed to sell its remaining South American unit, Banmedica, to Brazilian private equity firm Patria Investments (PAX) for about $1 billion, Reuters reported, citing two people familiar with the matter.
The sources said the deal was signed on Saturday, with a formal announcement expected Monday.
UnitedHealth (UNH) has been trying to exit Latin America since 2022 and had previously sold its businesses in Brazil and Peru. The sale of Banmedica, which operates in Colombia and Chile, has been under discussion for nearly a year. As of June, Banmedica had 1.7 million health-insurance members, seven hospitals, and 47 medical centers.
UnitedHealth’s withdrawal from the region removes another distraction from its turnaround efforts under CEO Stephen Hemsley. The company raised its annual profit outlook in October and has said it expects to return to growth in 2026.