BMA advises Bradesco Seguros on group reorganization

BMA Advogados acted as lead counsel to Bradesco Seguros and its subsidiaries on a landmark and transformational corporate reorganization aimed at consolidating the Bradesco Group’s entire healthcare ecosystem under a single, publicly listed platform.

Considered the largest reverse IPO occured in Brazil, the transaction involves the consolidation of the group’s healthcare universe through Odontoprev, a company listed on B3’s Novo Mercado segment.

The strategic reorganization is being implemented through a multi-step process, including the partial spin-off of Bradseg Participações, a merger of shares involving Bradesco Gestão de Saúde (BGS), and the contribution of strategic operating assets to Mediservice. Upon completion, Odontoprev will be renamed Bradsaúde and will serve as the premier aggregator for the Bradesco Organization’s healthcare assets. This new structure is designed to unlock significant value by bringing together industry-leading brands such as Bradesco Saúde, Odontoprev, and Mediservice, alongside Atlântica Hospitais (which manages over 3,600 hospital beds and strategic partnerships with Rede D’Or, Mater Dei, and Einstein), a 25% stake in Fleury Group, the Meu Doutor Novamed clinic network (comprising 35 primary care units), and the healthtech platform Orizon.

The creation of Bradsaúde establishes one of the largest private healthcare platforms in Latin America. Based on 2025 pro forma data, the company debuts with a massive scale, boasting approximately 13 million beneficiaries, an estimated annual revenue of BRL 52 billion, and a net income of BRL 3.6 billion (ROE of 24%). With an estimated market capitalization between BRL 40 billion and BRL 50 billion, the transaction streamlines the Group’s corporate structure, enhances capital efficiency, and positions the new entity to capture significant growth opportunities in the healthcare and dental sectors.

BMA relied on partners Paulo Cezar Aragão, Roberto Dias Carneiro, Henrique Vargas Beloch (pictured top from left to right), Carlo Sivieri De Assis Rocha, Henrique Garcia Pimenta and Luis Henrique Da Conceição Costa (pictured top from left to right), associates Luciano Torres Caetano Filho, Diogo Modesto Pinheiro Dias Pereira, Rafael Zanatta Jory, Marília Augusta Polachini Da Silva, Alexandre Roscoe Lindenberg, João Victor Bueno De Sousa and Felipe De Albuquerque Destri.