By Brazil Stock Guide – Investor Nelson Tanure lost control of Alliança Saúde e Participações (B3: AARL3) and a minority stake in Light (B3: LIGT3) after shares pledged as collateral were executed, transferring equity to creditors and accelerating a financial unwind linked to the acquisition of Ligga Telecom.
The moves were disclosed over the weekend through regulatory filings. At Alliança, the enforcement of fiduciary guarantees cut the combined stake of funds linked to Tanure to 6.96%, formally ending the company’s controlling shareholder structure. At Light, a creditor fund acquired 9.9% of the shares following the execution of pledged equity.
In a material fact released on February 7, Alliança said it received formal notice from Fonte de Saúde Fundo de Investimento em Participações Multiestratégia and Lormont Participações, whose combined ownership fell to 6.96% after the execution of fiduciary alienation over ordinary shares. As a result of the enforcement of the guarantee, the Shareholders ceased to be the controlling shareholders of the Company.
Light stake seized
In a separate filing, Light said Opus FIP became the owner of 9.9% of its shares following the execution of fiduciary collateral. While the stake does not confer control, it adds a new shareholder to a company already navigating debt renegotiations and regulatory pressure. The transfer reflects the same creditor enforcement dynamic now playing out across multiple assets linked to Tanure.
Ligga debt at the core
The collateral executions stem from financing used to acquire Copel Telecom — later renamed Ligga — purchased in 2020 for R$ 2.5 billion (about $500 million at the time). Tanure injected roughly R$ 1 billion ($200 million) in equity and financed the remainder through loans extended to a holding company he controlled.
Domino effect
The loss of Alliança and the Light stake follows earlier defaults. In October, Tanure lost control of Empresa Metropolitana de Água e Energia after failing to service debt tied to its acquisition. With liabilities nearing R$ 650 million ($130 million), the asset was sold to Sabesp (B3: SBSP3) for R$ 1.1 billion ($220 million).
At the same time, legal pressure has intensified. In January, Supreme Court Justice Dias Toffoli ordered the freezing of Tanure’s assets as part of Operação Compliance Zero, which probes financial links involving Banco Master, liquidated in late 2025.
Leverage under scrutiny
The string of collateral seizures highlights the unraveling of a strategy built on leveraged acquisitions and cross-collateralized equity. With interest rates high and credit tighter, creditors have moved to enforce guarantees across sectors ranging from healthcare to utilities and telecommunications.
For Alliança and Light, the shift reshapes ownership and governance dynamics. For the market, it underscores the limits of leverage — and the speed at which financial structures dependent on continuous debt rollovers can unwind.
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