Amidst increasing speculation over its merger and acquisition plans, Brazilian healthcare services provider Tempo Assist confirmed it was mulling an investment and had hired BTG Pactual and UBS as its advisors. In its filling to the securities exchange, Tempo Assist said it is currently mulling plans to review merging, acquiring or selling off operations.

Tempo Assist was given the go ahead earlier this year to acquire Itau Unibanco’s health business that the bank had acquired in the Unibanco merger, while also pulling off a health and dental partnership with federal savings bank Caixa Economica Federal (CEF) and its insurer Caixa Seguros.

Brazilian media reports have been awash with speculation over the firm’s plans, with News agency Agencia Estado reporting that sources had indicated there was likelihood SulAmerica, Bradesco and Mapfre are interested in the investment. Another paper, Valor Economico reported that Amil, a health insurer and Bradesco, Mapfre, SulAmerica, health broker Qualicorp and insurer United Healthcare are likely suitors.

However, the reports further indicated that Tempo Assist had hired the banks to specifically find it a buyer. The specifics of the speculated deal still remain a mystery, as the firm ponders its moves. GP Investments Ltd is the largest investor in Tempo Assist. But even so, sources have suggested the deal may be worth about 900 million reais, the Sao Paulo-based Valor newspaper reported. Tempo Assist is the brand name of Tempo Participacoes SA.

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

Switzerland's UBS is publicly traded private investment banking and securities firm, and a global asset manager. With headquarters in Zurich and Basel, UBS has offices in Europe, the Americas, Asia and Africa. It employs 65,233 people around the world, with about 37% of its employees working in the Americas. The company reported total revenues of 23.46bn Swiss francs for 2009.

BTG Pactual is a Brazilian investment bank that resulted from the takeover of UBS Pactual by BTG in 2009. BTG Pactual is the largest independent investment bank in Latin America, with extensive experience in emerging markets, has offices in New York, London and Hong Kong and is headquartered in Brazil. The bank operates in the areas of investments, asset management and wealth management.

17 Oct 2010.