Brazil’s Hapvida Participacoes has agreed to buy smaller rival HB Saude, the healthcare company said in a securities filing.
Hapvida said its proposed 650 million reais ($122.5 million) for the full capital of HB Saude was accepted by 59% of shareholders.
Hapvida’s initial disbursement will be 383.5 million reais, but may rise through 650 million depending on acceptance by remaining shareholders.
Hapvida was competing with insurer Sul America SA for HB Saude, which had offered 583 million reais.
With around 130,000 health insurance clients and 25,000 dental insurance beneficiaries, HB annual revenues are around 300 million reais.
Source: Reuters.com