STXNEWS LATAM-KKR in talks to buy Brazil health insurer-report
Private-equity firm KKR & Co LP is in preliminary talks to buy Brazilian health insurer Golden Cross Planos de Saúde SA, Valor Econômico newspaper reported on Monday, without giving any sources. Founder Milton Afonso wants about 1.1 billion reais ($528 million) for Golden Cross, Valor said.
Rio de Janeiro-based Golden Cross hired Deutsche Bank AG as an advisor, Valor said. Golden Cross is currently in talks with international investors over a potential deal, but did not confirm KKR among the interested parties, Valor added. Calls made by Reuters to KKR's offices in New York were not immediately answered.
Private-equity firms around the world are on the search for insurance services companies because of their steady revenue stream and low need for capital expenditures. Afonso, 91, wants to sell 100 percent of the company but his heirs oppose his plans, the paper added.
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