# Amil owner terminates sale negotiations

> Live situation record from CLSTR: https://clstr.news/situations/amil-healthcare-acquisition-negotiations
> Updated: 2026-09-10T16:35:00.000Z. Sources: 8. Developments: 3.

Negotiations for the sale of 100% of the Brazilian healthcare operator Amil to US-based private equity firms Bain Capital and Advent International have concluded without a deal. 

Despite reaching an advanced stage where discussions centered on offers between R$ 16 billion and R$ 20 billion, controlling owner José Seripieri Filho has decided to terminate the negotiations. This decision was communicated to Amil’s approximately 24,000 employees via an internal memo. 

While the process initially focused on selling a minority stake to inject capital, the scope eventually evolved into a potential full sale. However, reports indicate that Seripieri Filho remained committed to maintaining control of the operator and was hesitant to engage deeply in the transaction process. The negotiations, which were primarily led by Amil’s CFO Grace Tourinho, had previously been stalled by a valuation gap of approximately R$ 2 billion and the need to recalculate financial accounts to account for the assumption of Amil’s existing obligations.

Amil currently holds the third position in Brazil’s supplementary health sector, serving 3.6 million beneficiaries and operating 46 hospitals. The company reports an annual revenue of R$ 44 billion and a projected profit of R$ 2.6 billion for 2026.

## Claims

- José Seripieri Filho decided to end negotiations to sell Amil. (corroborated by 3 sources)
- Bain Capital and Advent were interested parties in the sale. (corroborated by 3 sources)
- CFO Grace Tourinho led the negotiation process. (corroborated by 2 sources)
- Negotiations for the sale of 100% of Amil to Bain Capital and Advent International have reached the final adjustment stage. (single source)
- There is a valuation gap of approximately R$ 2 billion between the seller's asking price and the buyers' offer. (single source)
- José Seripieri Filho seeks a sale price near R$ 18 billion, including the assumption of Amil's financial obligations. (single source)
- Bain Capital and Advent International have reportedly selected Irlau Machado to lead Amil if the acquisition is completed. (single source)
- A recent meeting between Amil's controller and representatives from Bain Capital and Advent did not result in an immediate agreement. (single source)
- Amil holds the third position in the Brazilian supplementary health sector. (single source)
- Amil serves 3.6 million beneficiaries and operates 46 hospitals. (single source)
- Amil's annual revenue reached R$ 44 billion. (single source)
- Amil has a projected profit of R$ 2.6 billion for 2026. (single source)

## Timeline

### 2026-09-10: Amil owner José Seripieri Filho ends sale negotiations

Amil owner José Seripieri Filho has ended negotiations to sell the Brazilian health insurer to Bain Capital and Advent International, opting to maintain control of the company.

6 sources. https://clstr.news/cluster/amil-owner-jos-seripieri-filho-ends-sale-negotiations

### 2026-08-18: Amil sale negotiations advance between Seripieri and Bain, Advent

Negotiations for the sale of Amil to Bain Capital and Advent International are in final stages, despite a R$ 2 billion valuation gap and a recent meeting that failed to reach an immediate agreement.

2 sources. https://clstr.news/cluster/amil-sale-negotiations-advance-between-seripieri-and-bain-advent

### 2026-08-12: Amil acquisition: Advent and Bain Capital advance due diligence

Advent and Bain Capital are conducting due diligence to acquire Brazilian healthcare provider Amil in a deal potentially valued between R$ 10 billion and R$ 17 billion.

2 sources. https://clstr.news/cluster/amil-acquisition-advent-and-bain-capital-advance-due-diligence

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Cite as: Amil owner terminates sale negotiations. CLSTR, https://clstr.news/situations/amil-healthcare-acquisition-negotiations