Minnetonka-based UnitedHealth Group Inc. is acquiring a 90 percent stake in Amil Participacoes SA, based in Rio de Janeiro, the Associated Press reports. The largest U.S. health insurer has agreed to pay about $4.9 billion in cash to complete the deal.
Amil is Brazil’s biggest managed- care company covering 5.9 million people last year with medical and dental plans, Bloomberg reports.
“Brazil has emerged as a consistently growing and evolving market for private sector health benefits and services,” UnitedHealth’s CEO, Stephen J. Hemsley, said in a statement, according to The New York Times.
UnitedHealth also says it expects third-quarter profits to be about 16 percent better than analysts expected, the Business Journal writes. The insurer will release its third-quarter report Tuesday, Oct. 16.