Review № 3of Brazilian Antitrust News from the Experts of the BRICS Competition Centre
- CADE approves transfer of hospital to Unimed in Paraná with conditions
- CADE publishes study on competition in pharmaceutical markets
- New President takes office in CADE
-Trump’s tariff policy triggers wave of Brazilian-American M&A
- AM Agro to revitalize Grupo Safras following major agribusiness deal
- Alliança Saúde strengthens presence in Northeast Brazil
CADE approves transfer of hospital to Unimed in Paraná with conditions
At the end of June, Brazil's antitrust regulator, CADE, conditionally approved a deal between Unimed Cascavel and Hospital Policlínica Cascavel. The transaction involves the transfer of hospital management in the municipality of Cascavel, Paraná.
The Unimed Cascavel labor cooperative comprises over 600 medical professionals and offers various healthcare services. Hospital Policlínica Cascavel is a highly technologically equipped medical facility, previously owned by the Hospital Care group.
The deal raised concerns at CADE due to the risk of market foreclosure and potential discriminatory practices against Unimed's competitors. The critical perception of the transaction stemmed from the increased vertical integration of Unimed in the local market.
The parties proposed measures to mitigate anticompetitive risks. Under the agreement, Unimed is obligated to maintain existing contracts with other hospitals in the municipality, reducing the risk of market foreclosure in local healthcare services. The agreement also mandates impartial treatment of all healthcare providers.
Additionally, the parties are prohibited from making new acquisitions in the general hospital market in Cascavel for five years. Unimed is further required to invest in the acquired hospital’s infrastructure and expand the range of services offered.
Unimed’s compliance with these commitments will be subject to monitoring.
Source: CADE
CADE publishes study on competition in pharmaceutical markets
On June 30, CADE released a study examining the state of competition and the activities of the antitrust authority in Brazil’s pharmaceutical markets. The study is part of the “CADE Notebooks” publication series.
The agency reviewed the history of antitrust law application in Brazil’s pharmaceutical markets from 1994 to 2025, along with related practices and trends.
The study notes that Brazil’s pharmaceutical market is subject to strict regulation, both in terms of sanitary standards and competitive conditions. Entry barriers to this market are traditionally high due to significant R&D costs, customer loyalty to established brands, and patent regulations.
However, experts highlight that technologies such as AI and blockchain are already transforming the market landscape. For instance, they optimize stages of pharmaceutical production, such as clinical trials, and enhance protection against counterfeit drugs.
Source: CADE
New President takes office in CADE
Starting July 14, Gustavo Augusto Freitas de Lima will assume the role of president of CADE. The CADE counselor will fill the vacant position following the departure of Alexandre Cordeiro, who served as president for four years.
The new president, Mr. Freitas de Lima, brings extensive public service experience and a legal background. A federal prosecutor since 2006, he also served as a legal advisor in the Office of the President of Brazil for five years. In addition to law, Freitas de Lima is an expert in shipbuilding with relevant education.
The new president currently awaits confirmation from the President of Brazil and subsequent approval by the Federal Senate.
Source: CADE
Trump’s tariff policy triggers wave of Brazilian-American M&A
In the first half of 2025, the number of Brazilian companies investing in U.S. companies through M&A deals surged by over 60% compared to the same period last year, reaching a total of 30 transactions. However, the total value of these deals dropped by more than 70% from the previous year, amounting to $265 million.
These trends indicate that Brazilian investors are actively seeking ways to mitigate the impact of U.S. tariff policies. In this context, completing M&A deals helps them maintain a presence in the U.S. market. This strategy is supported by Brazil’s macroeconomic environment, particularly the strengthening of the Brazilian real. The new “tariff-driven” mergers primarily involve innovative and food-related businesses, software development companies, and financial service providers.
In July 2025, the U.S. President announced a 50% tariff on Brazilian goods, effective from August 1. One of the reasons cited was Brazil’s internal political situation.
Source: Fusões & Aquisições
AM Agro to revitalize Grupo Safras following major agribusiness deal
On July 8, a deal was finalized for the acquisition of one of Brazil’s largest agribusiness conglomerates, Grupo Safras, by a structural fund within AM Agro. The transaction is of strategic importance in the context of Brazilian agribusiness.
Grupo Safras specializes in grain processing and storage, as well as ethanol production. At the time of the deal, the conglomerate had debts amounting to $390 million and was further burdened by ongoing legal disputes.
Despite these challenges, AM Agro highly values the potential of the acquired asset due to the advantageous location of its agribusiness infrastructure, which includes the major agricultural state of Mato Grosso. The new owners will need to undertake financial restructuring to improve Grupo Safras’ position.
The structural fund within AM Agro, through which the acquisition was executed, is a so-called special situations fund, established for deals involving distressed and undervalued assets.
Source: Fusões & Aquisições
Alliança Saúde strengthens presence in Northeast Brazil
On July 14, the Brazilian healthcare group Alliança Saúde completed the acquisition of diagnostic service provider Grupo Meddi. Given Grupo Meddi’s leading position in the state of Bahia, the deal is expected to significantly bolster Alliança Saúde’s presence in Northeast Brazil.
The acquisition is valued at $45 million. As a result, Alliança Saúde gains control of 96 service points across 32 cities in Bahia, with an estimated client base of 12 million people.
The financial structure of the deal reflects trust between the parties and high expectations for its outcomes: part of the transaction will be paid in Alliança shares, with the remaining portion settled over five years.
The acquisition of Meddi marks another step in Alliança’s strategy to expand and increase revenue. Previously, the group acquired diagnostic service points from Grupo Cura in São Paulo and secured new B2B contracts. Combined with the Meddi acquisition, these moves are projected to boost Alliança’s annual revenue by $90 million.
Source: Fusões & Aquisições
