By Brazil Stock Guide — Bradsaúde will invest about R$130 million to acquire a 49.99% stake in Biocor Hospital in Nova Lima, part of the Greater Belo Horizonte metropolitan area, expanding its hospital exposure in a market where vertically integrated healthcare groups such as Unimed-BH and Hapvida have a strong presence.
The stake will be acquired by Atlântica Hospitais e Participações, an indirect subsidiary of Bradsaúde, and Biocor will become part of Atlântica D’Or, the hospital partnership between Bradsaúde and Rede D’Or.
Rede D’Or will retain a 50.01% stake in Biocor and will remain responsible for the hospital’s medical management. The amount to be paid by Atlântica will be adjusted by Brazil’s CDI interbank rate through the transaction’s closing.
The R$130 million investment is the same amount Rede D’Or paid on June 17 to acquire the minority stake that was still held by Biocor’s former shareholders, the Vrandecic family.
The transaction allows Rede D’Or to bring Biocor into the joint venture while sharing the capital invested in the asset with Bradsaúde, without giving up control or the hospital’s operations.
A Competitive Hospital Market in Belo Horizonte
The investment in Biocor increases Bradsaúde’s exposure to the hospital market in Greater Belo Horizonte, one of Brazil’s major private healthcare hubs and a region where insurers with their own hospital networks have a significant presence.
The metropolitan area had about 2.8 million beneficiaries of private medical plans in early 2026, according to data from Brazil’s health insurance regulator ANS compiled by financial institutions.
Unimed-BH accounted for nearly half of the market, with roughly 1.4 million beneficiaries. NotreDame Intermédica and Hapvida were also among the largest operators, while the market share of the Bradesco-linked healthcare group was smaller.
That market structure increases the strategic value of owning hospitals or partnering directly with hospital operators. Unimed-BH, for example, runs its own network, including Hospital Unimed Contorno, Hospital Unimed Betim, Hospital Infantil São Camilo and Maternidade Unimed Grajaú.
Another major competitor is Mater Dei, a Minas Gerais-based hospital group with four facilities in the Greater Belo Horizonte area: Santo Agostinho, Contorno, Betim-Contagem and Nova Lima. The market also includes independent high-complexity hospitals such as Felício Rocho.
Against that backdrop, the Biocor investment gives Bradsaúde exposure to an established hospital asset without requiring the company to take on its direct operation.
Atlântica D’Or Expands Its Network
The deal also expands the hospital platform that Bradsaúde and Rede D’Or have been building across different regions of Brazil. With the addition of Biocor, Atlântica D’Or will have 11 units across operating hospitals and expansion projects.
Six hospitals are currently in operation, while four others are in the partnership’s development pipeline. Biocor, with 284 beds, will become the network’s 11th unit and its first in Minas Gerais.
In total, the platform had about 2,100 beds across operating hospitals and projects under development. With Biocor, that capacity rises to approximately 2,400 beds.
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