June 9, 2019 / 11:42 PM / a year ago

Brazil's Hapvida to acquire smaller rival America Group -filing

SAO PAULO, June 9 (Reuters) - Brazilian healthcare provider Hapvida Participacoes e Investimentos SA has reached an agreement to acquire smaller rival America Group for 426 million reais ($109.87 million), according to a securities filing on Sunday.

Hapvida’s move underscores the company’s aggressive acquisition strategy to grow and expand geographically after an initial public offering in 2018. Last month, Hapvida agreed to acquire rival group Sao Francisco Saude for 5 billion reais.

The company said America Group would add 190,000 clients to its current 4 million. Sao Francisco will add 1.8 million other clients.

Hapvida said it would pay 376 million reais for America Group. That amount deducts 50 million reais in debts and potential contingencies. ($1 = 3.8773 reais) (Reporting by Carolina Mandl; Editing by Peter Cooney)

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