The Portuguese Competition Authority (AdC) has issued a decision of non-opposition regarding CUF's acquisition of the HPA Group, contingent upon specific conditions and obligations. This decision follows an in-depth investigation that began on July 16, 2025, after CUF notified the AdC of the merger on March 26, 2025.

The AdC identified potential competition concerns, particularly regarding CUF's increased bargaining power with insurers and health subsystems, which could negatively impact commercial terms for end-beneficiaries. To address these issues, CUF proposed a series of commitments aimed at mitigating the identified risks.

Key commitments include the divestment of assets to introduce a new independent hospital in the Algarve region, maintaining current commercial terms with insurers, limiting price increases for non-insured patients, and implementing transparency and monitoring obligations until the divestment commitments are fully realized.

After evaluating the commitments through a market test, the AdC concluded that they sufficiently addressed the competition concerns, leading to the approval of the merger under Article 53 of the Competition Law.

The AdC's thorough investigation involved extensive data collection and analysis, including input from competing hospitals, insurers, and regulators, ensuring a comprehensive understanding of the transaction's implications for the healthcare market.