Watch the impact on health plans manager Qualicorp’s actions after ANS agreed to buy SulAmérica by Rede D’Or

Written by Lara Rezirio the information Shares of Qualicorp (QUAL3) rose in the final stretch of the session, jumping 19.96% to R$6.13, and closing up 14.68% to R$5.86. The reason was the decision of the National Agency for Complementary Health (ANS), which approved the purchase of SulAmérica (SULA11) by Rede D’Or (RDOR3) that put restrictions on Qualicorp, but less than some investors had feared. RDOR3 and SULA11 also rose on the stock exchange, with gains respectively of 5.09% (R$26.20) and 5.20% (R$19.64).

ANS said a Rede D’Or representative on Qualicorp’s board of directors should abstain from voting on matters that are traded exclusively on SulAmérica operators. Rede D’Or owns about 29% in Qualicorp.

In addition, it mandated that Qualicorp not sell SulAmérica’s health plans exclusively and that SulAmérica’s plans should not be sold solely by Qualicorp.

The deal has already been approved by the Supervisory Authority for Private Insurance (Susep) and the Administrative Council for Economic Defense (Cade).

The news was considered positive because it removed the doubt in the market that ANS might force Company One to sell its stake in Qualicorp.

Thus, Credit Suisse points out, the decision removes from Qualicorp the possibility of overstocking (excess equity in the market) due to a possible forced sale of assets.

There was an expectation from analysts that, shortly after Cade’s approval of the business combination, there would be a determination to sell the chip. This is because ANS Normative Resolution No. 515 of April 2022 forbids sharing a health plan operator and a health plan administrator in the same economic group. In another normative decision, No. 530 of May 2022, the agency reaffirms that an economic group is formed when an entity owns at least 20% of the equity or voting capital of any company subject to assessment. But this did not happen, which led to an exponential rise in assets.

The announced restrictions put in place better terms than we expected. After some concerns about the regulator eventually imposing restrictions on the exchange of information between RDOR and SULA (eg, information on patron base, user behavior, competitor information, etc.), the announced restrictions are less restrictive than we feared. In addition, RDOR was able to preserve its stake in QUAL, which was not our base case, so we view the decision as positive for both RDOR and QUAL, with the end protrusion On the last one,” added Itaú BBA.

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