December 26, 2017

UnitedHealth launches $2.8B bid to acquire Banmédica

United Healthcare's Hartford offices.

Minnesota-based insurer UnitedHealth Group, which has a strong presence in Hartford, is making a tender offer for South American healthcare provider and insurer Empresas Banmédica for about $2.8 billion.

In its Dec. 21 Securities and Exchange Commission filing, UnitedHealth Group says it has signed a purchase agreement to take the initial step of acquiring Banmédica, which serves Chile, Colombia and Peru.

The two controlling shareholders of Banmédica will tender their combined approximate 57 percent ownership in Empresas Banmédica, UnitedHealth Group told the SEC. The tender offer is expected to begin Dec. 27 and conclude on or about Jan. 25, the U.S. insurer said.

The deal is expected to close in the first quarter of 2018, subject to customary terms and conditions.

UnitedHealth Group could not be reached immediately for comment.

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