Amil acquisition: Advent and Bain Capital advance due diligence

Investment funds Advent and Bain Capital are in the final stages of due diligence to acquire the Brazilian healthcare operator Amil. The transaction is estimated to be worth between R$ 10 billion and R$ 17 billion.

Negotiations have been ongoing for at least a year. While the funds are reportedly eager to finalize the deal before the October presidential elections, the current owner, José Seripieri Júnior, has expressed no such urgency, stating his focus remains on increasing the company's profitability.

A key point of contention remains the structure of the sale. The purchasing funds are seeking 100% control of the company, whereas Seripieri Júnior has indicated a willingness to sell approximately 30%. If the deal proceeds, Seripieri Júnior may remain a minority shareholder with a stake of up to 15%.

Amil, which serves over 3.5 million beneficiaries, has seen a financial turnaround since returning to Brazilian control from UnitedHealth Group in 2023. The company currently generates annual revenues exceeding R$ 30 billion.