Patria Buys Banmédica in USD 1bn Deal, Cementing Healthcare Powerhouse in Latin America

U.S.-based UnitedHealth Group has agreed to sell Empresas Banmédica, its last remaining South American business, to Brazil-based private equity firm Patria Investments in a transaction reported at around USD 1.0bn, marking the final step in the U.S. healthcare giant’s exit from Latin America. The deal, signed in late November, remains subject to regulatory approvals in Chile and Colombia and is expected to close once those clearances are secured.

The transaction involves the sale of Bordeaux Holding SpA, UnitedHealth’s holding company that controls Banmédica, to Healthcare MX Holdings, a vehicle linked to Patria. Chilean media report that Patria is partnering with local private equity firm Linzor Capital, adding domestic regulatory and operational expertise to the consortium.

Banmédica is one of the most significant private healthcare platforms in the Andean region. In Chile, it controls major private health insurers Isapres Banmédica and Vida Tres, as well as flagship hospitals such as Clínica Santa María and Clínica Dávila, along with outpatient networks and emergency services. In Colombia, the group owns insurer Colmédica and prominent clinics including Country and La Colina. Following its earlier exit from Peru, Banmédica serves around 1.7 million health-plan members, operates seven hospitals and runs 47 medical centers across Chile and Colombia.

For UnitedHealth, the sale completes a strategic retreat from Latin America that began in 2022, following divestments in Brazil and Peru. The company originally acquired Banmédica in 2018 for approximately USD 2.7bn, meaning the reported sale price implies a steep discount. The exit comes after UnitedHealth booked USD 8.3bn in losses related to its South American operations, including about USD 1.2bn tied to Banmédica. Management has framed the move as part of a broader effort to reduce complexity, limit exposure to regulatory and currency volatility, and refocus on core U.S. operations as CEO Stephen Hemsley leads a turnaround aimed at restoring growth from 2026 onward.

For Patria, the acquisition is a bold expansion of its healthcare portfolio and reinforces its strategy of building regional platforms in resilient sectors. Banmédica will join Patria’s growing healthcare holdings, which include Zentria, a large integrated healthcare operator in Colombia offering hospital services, primary care, and pharmaceutical management, and Athena Saúde, a Brazilian hospital group currently being marketed for sale. The addition of Banmédica cements Patria’s footprint in the Andean region and positions it as one of Latin America’s most influential private healthcare investors.

Upon closing, the transaction will be one of the largest healthcare M&A deals in Latin America in recent years, highlighting both the challenges facing global players in complex emerging markets and the growing role of regional private equity in shaping the future of healthcare delivery across the continent.