UnitedHealth Group has completed the acquisition of a 96.8% stake in Empresas Banmédica, a Chile-based company focused on health care insurance and clinical service.
Apart from Chile, Empresas Banmédica also has presence in Colombia and Peru. It reported annual revenue of more than $2bn in 2016.
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The Chilean insurer serves more than 2.1 million consumers through health benefits and nearly 4 million patients through the delivery of health care across 13 hospitals and 143 medical centers.
“UnitedHealth Group and Empresas Banmédica share a strong commitment to increasing access to better care and improving the health and wellness of the people they serve and the communities where they live and work,” UnitedHealth Group said in its press statement.
This acquisition is part of UnitedHealth’s strategy to expand its business in Latin America under which it acquired a majority stake in Brazilian insurer Amil International for $4.9bn in 2012.
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