The Portuguese Competition Authority (AdC) has adopted a decision of non-opposition, subject to conditions and obligations, regarding the merger whereby CUF – Sociedade Gestora de Participações, S.A. (“CUF”) acquires exclusive control over Hospital Particular do Algarve (HPA).
The AdC found that the commitments offered by the notifying party adequately eliminate or mitigate the competition concerns identified.
The transaction, notified to the AdC on 26 March 2025, concerns CUF’s acquisition of the HPA Group, a private hospital group operating in the Algarve, Alentejo, and Madeira Autonomous Region, where CUF currently has no presence.
Following an in-depth investigation that commenced on 16 July 2025, the AdC concluded that, as initially notified, the transaction could have significantly impeded effective competition in the market for the provision of private hospital healthcare services.
In particular, the investigation identified risks of a substantial strengthening of CUF’s bargaining power vis-à-vis insurers and health subsystems, which could have led to a deterioration of commercial terms and negative effects for end-beneficiaries, as well as concerns regarding the elimination of potential competitive pressure in the Algarve.
To address these concerns, CUF submitted a package of commitments, subsequently revised following a market test, consisting of structural and behavioural measures, complemented by reporting and monitoring mechanisms.
Key commitments include:

• Divestment aimed at introducing a new independent hospital in the Algarve region;
• Divestment of a set of CUF network assets suitable for the provision of private healthcare services;
• Maintenance of current commercial terms with insurers and health subsystems, with maximum annual update limits;
• Limitation of price increases for non-insured patients;
• A set of transparency, reporting, and monitoring obligations to remain in force until full implementation of the divestment commitments.

Based on this assessment, the AdC concluded that the commitments adequately eliminate or mitigate the competition concerns, and has therefore adopted, under Article 53 of the Competition Law, a decision of non-opposition subject to conditions and obligations.

Throughout the procedure, the AdC carried out an extensive collection and analysis of information, including requests for data from competing hospitals, insurers, regulators, and the notifying party itself, as well as multiple meetings with stakeholders. This enabled a detailed assessment of the transaction’s impact on negotiations with financing entities and on the costs borne by health insurance beneficiaries.