News Article

Brazilian private-equity firm Patria Investments has agreed to buy Empresas Banmédica from UnitedHealth Group (UHG) for about US$1bn, completing the U.S. insurer’s planned exit from South America and handing Patria a dominant platform in Chilean and Colombian healthcare.

The share-purchase agreement was announced on December 1; closing is contingent on customary regulatory approvals in both countries.

Banmédica is the largest private healthcare conglomerate in Chile , controlling major private health insurance providers Isapres Banmédica and Vida Tres alongside marquee hospitals Clínica Santa María and Dávila. In Colombia it owns the Colmédica insurer plus the Country and La Colina clinics. Region-wide, the group counted 1.7 million health-plan members, seven hospitals and 47 medical centres as of June.

The agreed price underscores the sector’s turbulence: UHG paid US$2.8bn for Banmédica in 2018, so the sale implies a discount of roughly 65 per cent. UHG had flagged deteriorating Latin-American profitability, disclosing a US$1.3 billion regional hit in 2024 , of which US$220 million stemmed from Chile.

The vehicle acquiring Banmédica is Healthcare MX Holdings , ultimately controlled by Patria and joined by Chilean manager Linzor Capital; Patria affiliate Moneda Asset Management and legacy investors from the Penta and Fernández León groups hold co-investment options. Market participants expect clearance within four-to-six months in Chile and six-to-nine months in Colombia.

If approvals land on schedule, the transaction could close in late-2026.