September 5, 2018 / 10:11 PM / a year ago

UPDATE 1-Brazil's Intermedica to buy rival healthcare provider Green Line -filing

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SAO PAULO, Sept 5 (Reuters) - Brazilian healthcare provider Notre Dame Intermedica Participações SA said on Wednesday in a securities filing that it intends to acquire smaller rival Green Line Group.

Intermedica, which raised $790 million in an initial public offering in April, said it valued Green Line at 1.2 billion reais ($289.6 million), including debt.

Green Line owns a medical lab unit, two hospitals and health insurance operations with 464,000 clients in Brazil’s richest state, Sao Paulo, according to the filing. The company has 1 billion reais ($241.3 million) in annual revenue.

The amount paid by Intermedica to Green Line owners was not disclosed, but Intermedica said part of the value will be kept in an escrow account during the due diligence. ($1 = 4.1435 Brazilian reais) (Reporting by Carolina Mandl; Editing by Lisa Shumaker)

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