Overview
- Amil told employees on Thursday that negotiations with Bain Capital and Advent International have ended and there will be no change in ownership.
- The talks, which ran for about six months, broke down over the structure of a deal and how future legal and financial contingencies would be allocated.
- Bain and Advent sought a full takeover priced in the roughly R$15–17 billion range and proposed management changes, while controller José Seripieri Filho favored selling only a minority stake and remaining in charge.
- Amil's operational recovery since its late‑2023 purchase — including about 3.5 million clients and a projected 2026 EBITDA near R$2.5 billion — strengthened the controller's position and reduced the need to accept a full sale.
- The company remains open to minority investors, and the likely next moves to watch are renewed minority offers, financing proposals tied to asset sales such as sale‑leaseback deals, or strategies that prepare the business for a future public listing.