José Lener de Souza Cárdenas, Fabiane Cortez Verdu, Maurício Reinert do Nascimento
The aim of this study is to map out foreign acquisitions of hospitals in Brazil between 2015 and 2025 following the regulatory opening of Federal Law No. 13,097/2015. Through an exploratory qualitative analysis of secondary data, 9 cross-border transactions were cataloged and examined. The findings reveal a strong initial concentration, with 78% of deals occurring in 2015–2016 immediately after the legal reform. Two distinct entry strategies emerged: direct operational consolidation led by UnitedHealth Group/Amil (67% of cases) and minority equity investments by financial funds (GIC, Carlyle, CVC). US investors predominated in the period. The study concludes that foreign entry combined operational expansion with selective financial positioning, underscoring the role of regulatory stability in attracting foreign direct investment.
Palavras-chave: Healthcare Internationalization. Foreign Direct Investment. Hospital Acquisitions. Mergers and Acquisitions. Brazil.
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