Brazil Insurer Porto Seguro Eyes Companions for Well being Enterprise, Sources Say

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Brazil Insurer Porto Seguro Eyes Companions for Well being Enterprise, Sources Say

Porto Seguro, which has not made a last determination a few potential deal, is contemplating promoting part of the medical insurance division that might include a seat on the board, which might imply a minimum of a 5% stake, one of many sources mentioned.

In response to a report by Brazilian newspaper Valor Economico in regards to the talks, Porto mentioned in a press release on Wednesday that it’s at all times open to discussing the curiosity of potential traders, however no bids have been signed.

U.S.-based non-public fairness agency Summit Companions is one in every of a number of distinguished traders in discussions with Porto Seguro, because of its experience in know-how and synthetic intelligence, based on the sources.

Summit Companions didn’t instantly reply to a request for remark.

In a notice to shoppers, funding financial institution UBS BB mentioned {that a} new minority companion in Porto’s well being vertical, whereas not important, might speed up growth efforts.

Based mostly on press studies, internet earnings estimates and valuations of different gamers in Brazil, UBS BB estimated the worth of Porto’s well being unit at as much as 6.5 billion reais ($1.1 billion).

(Reporting by Luciana Magalhaes; modifying by Brad Haynes and Jane Merriman)