Watch the impact on shares of health plans operator Qualicorp after ANS approves Rede D’Or’s purchase of SulaAmerica

By Lara Rizario, Infomoney – Shares of Qualicorp (QUAL3) surged 19.96% to BRL 6.13 in late session and closed at BRL 5.86 with an advance of 14.68%. The cause was the choice of the National Supplementary Health Agency (ANS), which authorised the purchase of Sulaamerica (SULA11) by Red d’Or (RDOR3) and introduced restrictions on Qualicorp, however lower than some buyers had feared. RDOR3 and SULA11 additionally rose on the inventory alternate with features of 5.09% (R$ 26.20) and 5.20% (R$ 19.64).

ANS mentioned Red d’Or’s consultant on Qualicorp’s board of administrators ought to chorus from voting on issues which are solely directed at Sulaamerica’s operators. Red d’Or owns about 29% of Qualicorp.

In addition, it was imposed that QualiCorp wouldn’t promote SulaAmerica’s health plans completely and that SulaAmerica’s plans wouldn’t be bought completely by QualiCorp.

The deal had already been endorsed by the Superintendence of Private Insurance (Susep) and the Administrative Council for Economic Defense (CAD).

The information is taken into account constructive because it eliminated doubts current in the market that ANS could pressure the first firm to promote its stake in Qualicorp.

Thus, Credit Suisse factors out, the choice eliminates the risk of overhang (extra market share) on account of a potential compelled sale of property from QualiCorp.

Analysts had anticipated a call on the sale of Slice to be made shortly after Cade authorised the enterprise mixture. This is as a result of ANS Normative Resolution No. 515 of April 2022 prevents the participation of a health plan operator and a health plan administrator in the identical financial group. In one other normative decision, No. 530 of May 2022, the Agency reaffirms that an financial group is organized when an entity owns not less than 20% of the share capital or voting capital in any assessed firm. But that hasn’t occurred, which has led to a rise in wealth.

“The promoting restrictions have set higher circumstances than we anticipated. After some issues about the regulator imposing restrictions on the alternate of data between RDOR and SULA (eg, data on beneficiary base, person conduct, competitor data and others), the introduced restrictions are much less restrictive than we feared. Additionally, RDOR was in a position to retain its stake in QUAL, which was not our base case, so we view the choice as constructive for each RDOR and QUAL. Overhang For the final one”, added Itaú BBA.

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