UnitedHealth weighs $1B deal for Banmedica in bid to exit Latin America – report

UnitedHealth (NYSE:UNH) is considering four non-binding bids for its Banmedica unit for about $1B, two people with direct knowledge of the matter told Reuters, as the largest U.S. health insurer doubles down on efforts to exit Latin America.

The company is seeking $1B for Banmedica, which operates in Colombia and Chile, and expects to fix a deadline for binding offers next month. It’d acquired Banmedica for $2.8B in 2018.

UnitedHealth (NYSE:UNH) reportedly received bids from U.S. private equity firm Acon Investments, Latin America-focused asset manager Patria Investments (NASDAQ:PAX), Texas-based non-profit Christus Health, and Latin American healthcare firm Auna (NYSE:AUNA).

While UnitedHealth (UNH) has been trying to exit Latin America since 2022 amid mounting losses, efforts have ramped up in recent months in the wake of its CEO’s abrupt exit and an ongoing criminal probe.

The company exited Brazil in 2023 and Peru in March. In May, it said it expected to close the planned sales of its remaining South American operations within the year.