UPDATE 1-Bain Capital's Intermédica to buy operations of Brazil's Unimed ABC

viernes 23 de septiembre de 2016 13:40 GYT

(Adds details, background on companies)

By Tatiana Bautzer

SAO PAULO, Sept 23 (Reuters) - Brazil's NotreDame Intermédica Saúde SA, a healthcare provider owned by U.S. investment firm Bain Capital LP, has reached an agreement to buy the operations of rival Unimed ABC, the companies said on Friday in a statement to Reuters.

Unimed ABC, a doctor-owned cooperative, agreed to sell all of its assets, including a hospital, seven healthcare centers and health insurance contracts with more than 70,000 clients, they said without disclosing the value of the deal.

The acquisition will be submitted to Brazil's antitrust and private healthcare watchdogs later on Friday. Banco Santander Brasil SA advised Unimed ABC in the deal.

Unimed ABC, which is based in the metropolitan area of Sao Paulo, is one of 350 regional cooperatives that make up the Unimed Brasil network, the largest healthcare provider in Brazil, with 19 million customers nationwide.

Bain Capital paid 2 billion reais ($620 million) in 2014 to acquire Notredame Intermédica, which serves 3.6 million clients, mainly in the states of Sao Paulo and Rio de Janeiro, among the richest in the country.

Since then, São Paulo-based Intermédica has acquired Grupo Santamália Saúde, which owned two hospitals and 22 healthcare centers, last November, and the Hospital Family, in December. The company had net income of 236 million reais last year.

($1 = 3.23 Brazilian reais) (Reporting by Tatiana Bautzer; Editing by Chizu Nomiyama and Phil Berlowitz)