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Industry News

GP Investments Plans to Sell Tempo Assist Stake

15 October 2010

(Bloomberg) October 15, 2010 – Tempo Assist, a health-care insurance company whose biggest investor is GP Investments Ltd., hired UBS AG to find a buyer, Valor Economico newspaper reported, citing people close to the deal it didn’t identify.

The deal may be worth about 900 million reais ($542 million), the Sao Paulo-based newspaper reported. Tempo Assist is the brand name of Tempo Participacoes SA.

At least six companies showed interest in the deal, Valor said. Amil Participacoes SA, the insurance unit of Banco Bradesco SA, Mapfre SA, Sul America SA, health insurance brokerage Qualicorp Group and UnitedHealth Group Inc. assessed Tempo’s information, Valor said.

Marcia Schuler, an outside spokeswoman for Tempo with MSchuler & Associados Comunicação Empresarial, said the company doesn’t comment on market speculation when contacted by Bloomberg News today.

Tempo, Amil, Bradesco Saude and Sul America told Valor they don’t comment on market speculation. Qualicorp denied it’s taking part in the transaction, Valor said. UnitedHealth and Mapfre didn’t answer Valor’s requests, the newspaper said.

By Telma Marotto