US health insurance company UnitedHealth Group has agreed to divest its Brazilian health insurance business Amil to Jose Seripieri Filho, a businessman, reported Reuters

According to a local publication Brazil Journal, the deal is valued at 11bn reais ($2.24bn).

The consideration for the transaction includes 2bn reais in equity and the assumption of Amil’s liabilities worth 9bn reais.

With the deal, Filho would re-enter the healthcare industry. 

The businessman founded health insurance company Qualicorp and served as its CEO before leaving it in 2019. 

As per the Brazil Journal’s report, Filho has already secured funding from Bradesco, BTG Pactual, BR Partners, and Santander Brasil, which has offered him a 1bn reais credit line.

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Amil, which was founded by Edson de Godoy Bueno, is said to have 3.1 million customers in health plans and 2.3 million in dental plans, in addition to oncology and ophthalmology.

With 8.5bn reais in cash and 16bn reais net worth, Amil generated 26.3bn reais in revenue last year. 

UnitedHealth, which acquired Amil in 2012 in a deal worth close to $5bn, had been planning its sale for some years now. 

Responding to Reuters’ request for comments, UnitedHealth said it does not comment on speculation and rumours. 

Last month, UnitedHealth formed a national distribution partnership with Vivante Health.

Through the partnership with UnitedHealthcare, Vivante can assist individuals with digestive disorders by offering access to clients such sizable self-funded companies looking to enhance their benefit offerings.