Minnetonka-based UnitedHealth Group is spending about $5 billion to buy a majority stake in a Brazilian health benefits and care provider.
The company, known as Amil, is the largest health insurer in Brazil with annual revenue of about $4.5 billion and a network that includes 3,300 hospitals. UnitedHealth CEO Stephen Hemsley said his company and Amil are a good fit.
"We are aligning with clearly the strongest, best-managed health care company in Brazil," Hemsley said. "And together, we are committed to creating the leading health care company serving the Americas."
UnitedHealth said the deal gives it better access to a country of 200 million people where only 25 percent of the population is covered by private health insurance. The health insurer says Brazil is promoting private sector care to relieve pressure on its publicly funded system.