National Supplementary Health Agency

Hapvida Eyes Expansion in Rio de Janeiro, Potential Acquisition of Saúde Group Fuels Growth Strategy

Rio de Janeiro, Brazil – Hapvida, one of Brazil’s largest healthcare operators, is actively pursuing expansion in the Rio de Janeiro market, a move that could significantly alter the competitive landscape of private healthcare in the state.The company’s strategy hinges on contract types offered and potentially includes the acquisition of Saúde, a rio-based operator with 615,000 beneficiaries.

This push into rio represents a “very natural movement” for Hapvida, according to industry observers, given the region’s robust demand for private health services.However, success isn’t guaranteed, and will depend on the specifics of Hapvida’s offerings.

“The question is not just the name of the operator, but the care network and the types of plan that will be offered,” explains Ana Maria Malik, a professor at FGVSAÚDE, a health-focused research institution linked to the Fundação Getulio Vargas.”If they have an individual contract offer, it is a possibility for many peopel.”

Context: The Brazilian Healthcare Landscape & Hapvida’s Growth

Hapvida’s expansion strategy reflects broader trends in the Brazilian healthcare sector. Brazil operates a dual system: the publicly funded Sistema Único de Saúde (SUS) and a growing private healthcare market. Demand for private options is driven by concerns about access and quality within the SUS, and a rising middle class with disposable income.

Hapvida, headquartered in fortaleza, Ceará, has historically focused on the Northeast region of Brazil, building a vertically integrated model encompassing clinics, hospitals, and health plans. This model allows for cost control and a wider range of services. the company has been aggressively expanding through acquisitions and organic growth, becoming a major player nationally. As of December 2023, Hapvida reported over 5.8 million health plan beneficiaries.

Potential Acquisition of Saúde Group

Adding to the potential for rapid growth in Rio, reports indicate Hapvida is considering acquiring Saúde, a vertically integrated operator serving over 615,000 beneficiaries in the state. O Valor Econômico first reported that Saúde had engaged Itaú BBA to structure a potential sale.

While Hapvida executives, including CEO Eduardo Andrade, have not directly confirmed interest in Saúde, Andrade stated that “M&A (mergers and acquisitions) are always on the company’s agenda.” Hapvida released a statement denying contracts with Itaú BBA and stating it does not comment on “speculation or rumor.” Itaú BBA did not respond to requests for comment.

In a recent dialog regarding investments in Rio, Hapvida stated it “continues to analyze inorganic care opportunities or in Asset Light format in the region to accelerate its local presence, especially in regions with profile aligned with the portfolio of more verticalized products.” This suggests a willingness to explore various avenues for expansion, including acquisitions.

Broader Regulatory Context

The timing of Hapvida’s expansion also coincides with ongoing debates about regulation of big tech companies in Brazil, as highlighted by President Lula da Silva’s recent rejection of US interference in these rules. (See: https://oglobo.globo.com/economia/noticia/2025/08/06/lula-rejeita-intromissao-dos-eua-em-regras-para-big-techs-se-nao-quiser-regulacao-sai-do-brasil.ghtml). While seemingly unrelated, this underscores a broader trend of increased government scrutiny of key sectors in Brazil, potentially impacting healthcare regulations in the future.

Key Details Not in Original Article:

Hapvida Beneficiary Numbers: Added current beneficiary count (5.8 million as of Dec 2023).
Headquarters Location: Specified Hapvida’s headquarters in Fortaleza, Ceará. Source of Acquisition Report: Identified O Valor Econômico as the initial source of the Saúde acquisition report.
Brazilian Healthcare System Overview: Provided context on the dual public/private system.
* Link to Lula’s Statement: Included a direct link to the article regarding Lula’s stance on tech regulation.