UnitedHealth Group is selling its last South American business, Banmedica, to Brazilian private equity firm Patria Investments for $1 billion, CNBC reported Nov. 30.
Banmedica operates in Colombia and Chile and includes 1.7 million health insurance members, seven hospitals and 47 medical centers.
UnitedHealth has been trying to exit Latin America since 2022 and completed the sale of its Brazil assets in 2024.
UnitedHealth’s operations outside the U.S. have not been a focus of the company’s presentations to investors for years. Its international businesses represented less than 3% of its total revenue in 2022, according to Bloomberg.
