Advent International and Bain Capital are pushing to acquire 100% of Amil, one of Brazil's largest health insurers, at a valuation of about R$17bn ($3.3bn), according to a report by Valor Econômico.

The firms approached businessman José Seripieri Filho, known as Júnior, about buying all of Amil. While the size of their offer drew him in, he proposed keeping a minority stake. Two people close to the private equity firms told Valor that they have no interest in retaining Seripieri as a shareholder and will not settle for less than full ownership.

With that principle unresolved, the sides are now haggling over the finer points of valuation, alongside working capital and the structure of any transaction. Seripieri, founder and former chief executive of insurance broker Qualicorp, bought Amil from United Health in early 2024 at a valuation of about R$11bn ($2.1bn), of which roughly R$9bn ($1.7bn) related to contingent liabilities, putting in around R$2bn of equity for a loss-making business the US group was desperate to offload.

A R$17bn valuation now, against the R$11bn he paid, helps explain why he is reluctant to hand over the upside in full. Bain first approached Seripieri early last year about taking control, but those talks stalled. It later joined forces with Advent and resumed the effort, this time targeting Amil outright.