By Brazil Stock Guide — Qualicorp (QUAL3), one of Brazil’s best-known health benefits administrators, has completed the acquisition of the remaining minority stakes in Plural and Oxcorp, giving the company direct and indirect ownership of 100% of both businesses. The deal closes a corporate structure first set up in 2020, when Qualicorp bought 75% of the assets for R$202.5 million and left the remaining 25% with the selling shareholders.
The latest transaction was signed by Qualicorp and its wholly owned subsidiary, Qualicorp Administradora de Benefícios, with the minority shareholders of Plural and Oxcorp, according to a market notice released by the company. Qualicorp did not disclose the amount paid for the final stake, nor did it detail any expected financial, accounting or operational impact from the acquisition.
The original acquisition, announced in November 2020, was structured in stages. At the time, Qualicorp agreed to buy 75% of Plural and Oxcorp for R$202.5 million, with the price subject to net debt adjustments and a future variable contingent payment tied to the companies’ performance in the following year. On a simple proportional basis, the deal implied a base valuation of about R$270 million for 100% of the businesses, before adjustments and variable payments.
The remaining 25% stayed with the original partners under a shareholders’ agreement that included put and call options for the future acquisition of that stake. The 2020 closing also formalized that agreement, which had a 20-year term, according to information released at the time.
With the new transaction, Qualicorp eliminates the minority interests and gains full ownership of both companies. The move simplifies its corporate structure and may give the group more flexibility to integrate operations, capture synergies and reorganize assets within its broader health benefits administration and insurance brokerage platform.
The closing comes as Qualicorp continues to reposition itself after years of pressure on its business model, margins and market value. The company has been trying to simplify operations, rationalize its portfolio and regain relevance in a sector facing intense competition, rising medical costs, client attrition in some segments and a broader push for commercial efficiency.
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