Arnold & Porter in New York and Brazilian firms Bichara Advogados, Spinelli Advogados and Souto Correa Advogados have helped Brazilian entrepreneur José Seripieri Filho buy the country's largest health insurer, Amil, from US insurance and medical services group UnitedHealth for 11 billion reais (US$2.2 billion).

Arnold & Porter and Spinelli led the negotiations of the transaction agreements, while Bichara handled due diligence and tax matters. Souto Correa is advising on the transaction's application at Brazil's healthcare regulator, ANS.

The São Paulo offices of Lefosse and Pinheiro Neto Advogados advised the seller for the deal, which was signed on 22 December. In addition to ANS approval, the transaction is also pending clearance by the country's antitrust watchdog, CADE. 

Latin Lawyer understands that Sullivan & Cromwell LLP also advised the seller but could not confirm this before publishing.

The transaction is thought to be the largest acquisition by a private investor in Brazilian history.

The acquisition hands Seripieri Filho a large portfolio of healthcare operations in Brazil, which includes Amil’s dental insurance subsidiary, a network of some 60 hospitals and clinics and more than three million customers.

M&A deals are common in Brazil’s healthcare and insurance sectors. Last October, local digital healthcare group Conexa Saúde Servico Medicos expanded its services by merging with Portuguese counterpart Zenklub in a move to expand its mental health services. Lefosse also advised on that transaction.

Seripieri Filho is best known as the founder and former CEO of Brazilian collective healthcare insurance provider Qualicorp. 

UnitedHealth acquired Amil in 2011 – a deal that also called on Lefosse and Pinheiro Neto. It serves some 60 million policyholders in the US.

Counseo to José Seripieri Filho

Souto Correa Advogados

Partner Giacomo Paro and counsel Luciana Mayumi Sakamoto in São Paulo, and partner Carlos Souto and associates Isabelle Bueno and Gabriel Stanton in Porto Alegre

https://latinlawyer.com/article/qualicorp-founder-buys-brazils-amil-us22-billion