By Rogerio Jelmayer
SÃO PAULO--U.S.-based private-equity firm Bain Capital LLC
signed an agreement to acquire Brazilian health-insurance operator
Intermedica for about 2 billion Brazilian reais ($851 million),
highlighting international investors' interest in the health
industry in Brazil, according to two people close to the
operation.
Bain Capital signed the agreement to acquire Intermedica from
its owner and founder Paulo Barbanti during the weekend, according
those two people, who declined to be named for this article.
An Intermedica spokesman declined to comment for this report,
while Bain Capital press officials weren't immediately reached for
comment.
Bain Capital was advised by Itau BBA and Morgan Stanley in the
process. Intermedica is part of a group called NotreDame
Intermedica, which also has a dental-services provider. Bain
Capital acquired just the health-insurance operator, according to
one of the sources.
In 2012, the most recent figure available, Intermedica posted
revenue of 2.02 billion reais, up from 1.88 billion reais in
2011.
Brazil's healthy industry is attracting the interest of
international investors as a rise in income and a low unemployment
rate are fueling investment in the industry, despite tepid economic
activity.
In 2012, U.S. managed-care company UnitedHealth Group Inc.
acquired Brazilian insurer and hospital operator Amil Participacoes
S.A. for more than $4.3 billion.
Write to Rogerio Jelmayer at rogerio.jelmayer@wsj.com
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