UnitedHealth Group has agreed to sell its remaining South American business, Banmédica, to Brazilian private equity firm Patria Investments in a deal valued at around $1bn, according to a report by Reuters citing two people familiar with the matter. The final agreement was reportedly signed on Saturday, with an announcement expected on Monday.
The transaction marks UnitedHealth’s full exit from Latin America, following earlier divestments in Brazil and Peru. Banmédica, which operates in Chile and Colombia, had 1.7 million health-plan members, seven hospitals and 47 medical centres as of June.
UnitedHealth has been seeking to streamline operations and reduce non-core exposure as part of a broader turnaround effort led by returning CEO Stephen Hemsley. The group raised its profit outlook in October and is targeting a return to growth in 2026, accelerating into 2027.
The company recorded an $8.3bn loss last year from its South American wings, including $7.1bn linked to Brazil and $1.2bn related to Banmédica.
