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UnitedHealth Group acquiring Chilean insurer in $2.8B deal

A unit of UnitedHealth Group Inc. has agreed to acquire Empresas Banmédica, a Santiago-based healthcare provider and insurer serving Chile, Colombia and Peru.

The company plans to launch a tender offer for Empresas Banmédica as an intial step toward its acquisition. UnitedHealth Group will offer 2,150 Chilean pesos per share for 100% of the outstanding shares of Empresas Banmédica, valuing the company's equity at 1.7 trillion pesos (US$2.8 billion).

The tender offer is expected to commence on or about Dec. 27, and conclude on or about Jan. 25, 2018. BTG Pactual Chile SA is the manager of the offer.

The two controlling shareholders of Empresas Banmédica will tender their combined approximate 57% ownership in the company.

The transaction is subject to customary terms and conditions and is expected to close in the first quarter of 2018.