2023-12-22 15:42:38
Bradesco Seguros and Mater Dei have just announced a joint venture to operate a new hospital in São Paulo — in yet another move by the health operator to grow in hospitals, reducing its dependence on groups such as Rede D’Or and Dasa.
The JV will be controlled by Atlântica — the holding of hospitals owned by Bradesco Seguros — with 51% of the capital. The rest will go to Mater Dei.
The hospital will be built on a property that belongs to BSP — Bradesco’s real estate holding company — which housed a bank branch. The investment for the construction of the hospital is estimated at R$600 million and will be made entirely by BSP, which will then lease the property to the JV.
The JV will only have to invest in medical equipment and hospital linen, a capex relatively small.
The hospital will be located in the Santana neighborhood, in the North Zone of São Paulo, and will have a capacity of between 250 and 300 beds. The total area of the project will be 45 thousand square meters.
Henry Salvador, the chairman from Mater Dei, told Brazil Journal that the Santana region has a high density, a strong penetration of health plans and a scarce supply of reference hospitals — which made the region attractive for investment. The main hospital in the region today is São Camilo.
For Mater Dei, the deal was a way to enter a city where competition is brutal.
“We always wanted to enter São Paulo, but it is a very consolidated market with players relevant. Initially, we would need to be with a relevant partner,” said Henrique.
According to him, from this first hospital Mater Dei can grow further in the city, if it identifies other opportunities “that can strengthen our positioning.”
The new hospital should take around four years to complete. The forecast is that next year will be dedicated to obtaining construction licenses from the city hall and that the work will begin in 2025.
The agreement provides that Mater Dei will be responsible for hospital and administrative management.
Today’s move comes after Atlântica made other similar partnerships in recent months. In March, it entered into a partnership with Albert Einstein Hospital to build a new hospital in the South Zone of São Paulo, with an investment of R$600 million.
This hospital will have 300 beds and will be managed by Einstein.
A few months later, in August, Atlântica purchased 20% of Grupo Santa for R$1 billion, becoming a minority shareholder in the largest hospital network in the Center-West, with hospitals such as Santa Lúcia, in Brasília.
In May 2022, Atlântica had also entered into a partnership with BP and Fleury to create a new oncology company.
Itaú BBA noted that these investments in hospitals “certainly strengthen the sustainability of the Bradesco product and should bring more cost efficiency to the insurer.”
“Although the direct impact is limited for Rede D’Or and DASA, this is a strategic move by Bradesco that indicates its intention to internalize costs and reduce its exposure to certain hospital groups.”
For Mater Dei, Itaú said that the transaction is “obviously” positive, as it reinforces the company’s presence in an important region and with a volume of patients already guaranteed by Bradesco’s insurance company.
At the end of the third quarter, Mater Dei had net cash of around R$300 million, the best debt ratio in the sector.
Mater Dei shares rise 0.25% today. The company is worth R$3.1 billion on B3.
Pedro Arbex
1703262415
#Mater #Dei #enters #São #Paulo #partnership #Bradesco