HEALTH SECTOR
Brazil’s private hospital business is a buyer’s market
Amid the chaos of Covid, Brazil's private health care sector saw a period of booming investment. The expectation was that, once the pandemic ended, patients would flood hospitals and clinics seeking the care they had postponed — preventive exams, elective surgeries, routine check-ups…
That wager coincided with a rarity in Brazil: all-time-low interest rates, which pushed investors away from fixed income and made it easier for companies to raise capital through instruments such as corporate bonds.
The result was a wave of consolidation. Large health care groups, some backed by foreign capital and private equity, expanded aggressively and entered new markets. Data from EY counted 49 mergers and acquisitions in the Brazilian healthcare sector in 2021, which was the highest figure since 2013, with a combined value of more than USD 12 billion.
Many regional hospitals, often family-owned, were swept up in the trend — not rarely at…
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